Trump ordered a blockade of the Strait of Hormuz, and Hyperliquid crude oil futures prices rose 7%

U.S. President Trump and Iran’s nuclear negotiations broke down, and he officially ordered a blockade of the Strait of Hormuz, a key global oil shipping route. This move caused violent fluctuations in the crude oil futures prices on the decentralized finance platform Hyperliquid, rising by 7%, reflecting the market’s heightened attention to a potential supply disruption.

Iran refuses to give up nuclear weapons, triggering wild swings in the energy market

During the peace negotiations between the U.S. and Iran held in Islamabad, Iran refused to abandon its nuclear weapons program, leading to a complete failure of comprehensive talks between the two sides. U.S. President Trump then immediately took a hardline approach, ordering the blockade of the Strait of Hormuz, which is crucial to global energy trade, triggering an immediate chain reaction in financial markets—especially evident on the Hyperliquid platform. As of the time of this report, the perpetual futures price linked to West Texas Intermediate (WTI Crude Oil) soared to $96.40 per barrel, with a single-day gain of 7%; at the same time, futures prices for Brent Crude Oil also rose in sync by 6%, reaching $96 per barrel. This blockade directly cut off the world’s key oil supply choke point, causing energy prices to undergo a sharp correction in the short term.

Hyperliquid becomes the venue for price discovery during market closure

Another focus of this price volatility lies in the data performance of the decentralized exchange (DEX) Hyperliquid. When traditional financial markets are closed or do not respond in a timely manner, the perpetual contract platform becomes the main venue for investors to discover prices. Data shows that the trading volume of WTI crude oil futures on Hyperliquid reached $1.53 billion, ranking third in trading volume on the platform, only behind Bitcoin (BTC) and Ethereum (ETH). This data indicates that investors are turning to decentralized platforms to cope with sudden international political events, and that on-chain assets have significantly increased sensitivity to macroeconomic events and liquidity, becoming an important indicator for observing real-time market sentiment.

Strategic oil reserves running low intensifies the risk of a supply shortfall

The oil market is currently at a critical turning point with supply tightness. According to the strategic oil reserve release plan coordinated earlier by the International Energy Agency (IEA), the related emergency buffer measures are nearing their limit. Since the conflict broke out at the end of February, emergency production increases and reserve releases have temporarily filled a supply gap of about 4.5 million to 5 million barrels per day. However, these reserves are expected to be depleted in April. If the Strait of Hormuz remains blocked, the market’s supply gap could widen to 10 million to 11 million barrels per day. The Saudi royal family said that a shortfall of this scale would be an impact unprecedented in the modern oil market. IEA Executive Director Birol also warned that the subsequent supply pressures will be more severe than before.

The surge in crude oil prices has deepened market concerns about global inflation, and the impact on the market may be immediate: on Monday, due to expectations of tighter supply, oil benchmark prices may face fresh pressure.

This article, Trump orders the blockade of the Strait of Hormuz, Hyperliquid crude oil futures rise 7%, first appeared on Chain News ABMedia.