Oil-linked perpetual futures on decentralized exchange Hyperliquid saw a significant surge, climbing over 5% after coordinated U.S. and Israeli missile strikes on Iran. The attacks, which triggered explosions across Tehran and other cities, reignited fears of global oil supply disruptions.
Perpetual futures tied to oil prices, specifically Oil-USDH, advanced to $71.26. Another contract, USOIL-USDH, moved above $86.00. These contracts collectively registered nearly $4 million in trading volume and over $5 million in open interest, according to Hyperliquid data.
Gold and silver contracts also experienced gains, attributed to their status as safe-haven assets amid heightened geopolitical risk. The strikes escalated tensions in the oil-rich Middle East, a region critical for global energy markets. Iran, a major oil producer, controls the Strait of Hormuz, a vital waterway through which over $500 billion worth of oil and gas transits annually. Concerns persist that conflict could weaponize control of this strait, potentially leading to a massive global oil price surge.
Rising oil prices could contribute to inflation, complicating efforts by central banks to manage borrowing costs and stimulate economic growth.
