Following President Donald Trump’s decision for a military blockade of the Strait of Hormuz, a significant global supply chokepoint, oil futures shot up on Hyperliquid.
Iran’s refusal to renounce its nuclear aspirations during earlier peace negotiations in Islamabad prompted this action. Extending early gains, perpetual futures linked to WTI crude oil surged to $96.40, up 7% on the day. Futures on Brent increased 6% to $96.
Interestingly, WTI futures recorded $1.53 billion in trading volume, ranking third on the platform after ETH and BTC. The data shows that investors are increasingly choosing decentralised blockchain platforms for price discovery, particularly when traditional markets are closed.
The blockade news comes at a critical time for the oil market as the International Energy Agency’s large-scale depletion of strategic petroleum stocks approaches its peak in mid-April.
These emergency releases, started after the war began on February 28, have helped offset a supply shortfall of about 4.5 to 5 million barrels per day caused by interrupted flows through the Strait of Hormuz.
However, if normal supply is not restored, this gap could widen significantly to about 10 to 11 million barrels per day as these buffers run out in the upcoming weeks.
Fatih Birol, the chief of the IEA, issued a warning last week that the shock to the oil supply could be bigger in April than it was in March.
Source: X.com
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment