Motorists purchase gas at a station on June 09, 2026 in Chicago, Illinois. Scott Olson | Getty ImagesWith the U.S. and Iran exchanging strikes once again — and the status of when normal traffic flows in the Strait of Hormuz will return in doubt — traders on prediction market platform Kalshi think gas prices will likely still be elevated for longer now.Speculators think there’s a 75% chance that gas prices on election day, Nov. 3, will be above $3.50 per gallon, and place 39% odds that prices will be above $3.75. Before the recent developments in the Middle East, those odds were as low as 37% and 22%, respectively. The contract is resolved using data from AAA’s national average of gas prices.[embedded content]WTI Crude 5-day chart.On Thursday, the national average of gas prices was at $3.84, according to AAA, up 5 cents from the day prior. The rise comes as U.S. oil prices rose as high as $75 per barrel on Wednesday, up from around $68 per barrel on Monday. However, WTI eased to below $72 per barrel on Thursday. While traders on Kalshi think gas prices will remain higher for longer, they also don’t see them returning to new highs. They give just a 43% chance gas prices cross $4.60 this year, although that’s up from about a one-in-three chance before the U.S. and Iran began hostilities again. The high for gas prices in 2026 was on May 21, when the average hit $4.56. Before the war with Iran began, the national average for U.S. gas prices was below $3 per gallon. Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news. …
