- Brent crude oil price continued rising on Hyperliquid on Saturday.
- Donald Trump ordered attacks on Kharg Island in Iran.
- The attack could lead to a global energy crisis.
Brent crude oil price continued its uptrend on Saturday as investors reacted to the new attack on Kharg Island, Iran’s hub for oil exports. It jumped to $103 on Hyperliquid, the biggest perpetual futures platform in the crypto industry. The benchmark closed at $100 on Friday.
Brent Crude Oil Price Jumps After Khag Island Attacks
In a Truth Social post, President Donald Trump confirmed that he had authorized strikes on military targets on the crucial Kharg Island. He added that he would authorize attacks on its energy infrastructure if Iran continued blocking the Strait of Hormuz. Odds of the US attacking these terminals jumped to 56% on Polymarket and then pulled back to 40%.
Analysts caution that attacking the island risks making the energy situation worse as the hub is responsible for 90% of Iran’s oil exports. One reason is that Iran has warned that it will be forced to attack infrastructure in other countries in the Middle East. Destroying that infrastructure means that oil flows from the region will be limited even when the Strait of Hormuz opens.
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Hyperliquid’s Volume Has Jumped Amid Rising Oil Demand
Hyperliquid has become a major venue for crude oil trading during the weekend as traditional markets close. According to its website, the 24-hour volume for the Brent futures contracts rose to over $141 million, while the open interest rose to $75 million.
DeFi Llama data shows that its volume has jumped sharply in the past 30 days. It soared to $180 billion, much higher than the other five platforms combined. Aster handled over $77 billion in volume, while edgeX, Lighter, and tradeXYZ handled over $69 billion, $65 billion, and $37 billion, respectively.
This growth in market share and its volume explains why the HYPE price has done well recently. The rising volume often leads to higher fees, which, in turn, translate to higher buybacks and token burns.
Soaring crude oil price will have a negative impact on the crypto market by leading to higher inflation. Higher inflation makes it hard for the Federal Reserve to cut interest rates.
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