Iran and the U.S. have agreed to halt hostilities after the two countries exchanged fire in the Gulf over the last few days. The recent hostilities began after an Iranian projectile hit a cargo vessel in the Strait of Hormuz.

Iran also launched missiles and drones at U.S. military sites in Kuwait, according to a Reuters report. The U.S. military, in response, conducted strikes against Iran.

The hostilities threatened the interim peace agreement signed between the countries, but they have now agreed to renew talks.

Here’s What Prediction Market Is Saying

Amid the hostilities between the two countries, the chances of Iran walking away from the peace agreement or memorandum of understanding surged. Here’s what the prediction market is saying now.

Polymarket, a Polygon (CRYPTO: POL) based prediction platform that allows users to wager on an outcome using the USDC (CRYPTO: USDC) stablecoin, is currently betting on a contract "Iran announces withdrawal from MOU negotiations by…?"

Over $500,000 has been bet on the contract so far.

Bettors have placed a 1% probability that Iran will withdraw from the talks by June 30, down by 44%. The odds increase to 19% for July 31, down by 27%.

Both Sides To Stand Down

An official from the Donald Trump administration said, "Both sides will stand down for now and vessels can move freely."

A senior U.S. official said technical talks on implementing the memorandum remain "on track" and deconfliction channels between the two countries remain operational, according to the report.

WTI Crude oil rose 1% to $69.92, while Brent Crude rose 0.77% to $73.16.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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