Oil-linked futures on Hyperliquid’s HIP-3 surged after U.S. and Israeli strikes on Iran reignited fears of supply shocks
Perpetual futures tied to oil prices on decentralized exchange Hyperliquid jumped more than 5% after coordinated U.S. and Israeli missile strikes on Iran.Iran is not only a major oil producer but also poses a potential maritime threat in the Strait of Hormuz — a critical chokepoint for global oil supply.
Perpetual futures tied to oil prices trading on decentralized exchange Hyperliquid surged Saturday after the U.S. and Israel launched coordinated missile strikes on Iran, a key oil producer, igniting explosions across Tehran and multiple other cities. Oil-USDH perpetuals climbed more than 5% to $71.26, while another contract, USOIL-USDH, advanced above $86.00. Combined, the two saw nearly $4 million in trading volume and over $5 million in notional open interest, data from Hyperliquid showed. Gold and silver contracts also rose, likely on haven demand as markets reacted to heightened geopolitical risk. Price gains followed after the U.S. and Israel launched a coordinated missile strike on Iran on Saturday, triggering massive explosions across Tehran and several other cities in a dramatic escalation that threatens to push the oil-rich Middle East into prolonged uncertainty.$500 billion worth of oil and gas passes annually. Its designated shipping lanes fall entirely within the territorial waters of Iran and Oman. Worries have long circulated that an all-out war could see Iran weaponize its control of the strait, potentially sparking a massive global oil surge. Rising oil prices could feed into inflation, making it harder for central banks to cut borrowing costs, prioritize growth, and encourage risk-taking in financial markets. The drop extends a pattern where bitcoin sells off on geopolitical shocks before recovering, as the token's 24/7 liquidity makes it one of the few large assets traders can exit over the weekend.Bitcoin fell below $64,000 in Saturday trading, dropping about 3 percent and hitting its lowest level since early February after U.S. and Israeli launched strikes on Iran. The weekend sell-off underscores bitcoin's role as one of the few large, liquid assets available to traders when geopolitical risks spike while stock and bond markets are closed. The attack on Iran heightens the risk of a broader regional conflict in a key economic area, following weeks of U.S. military buildup and stalled nuclear negotiations with Tehran.17 hours ago
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