Trump threatens attacks as U.S. blockade of Hormuz begins
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After the talks between the United States and Iran in Pakistan failed, the U.S. announced on Apr. 12 that the U.S. Central Command (CENTCOM) forces will begin implementing a blockade of all maritime traffic entering and exiting Iranian ports in the Strait of Hormuz on Apr. 13 at 10 a.m. ET.
The blockade will affect vessels of all nations entering or departing Iranian ports and coastal areas, the notification said.
Related: Oil becomes second-most traded asset on popular crypto exchange
As the U.S. blockade of the Strait of Hormuz came into effect early morning today, President Donald Trump threatened to immediately eliminate Iran's ships if they come anywhere close to the U.S. blockade.
Trump said the U.S. will use the same method to attack Iranian ships that it uses to target drug dealers at sea.
"It is quick and brutal."
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Oil traders flock to Hyperliquid
Following the escalation, oil prices rose sharply: the West Texas Intermediate (WTI) crude 5.81% in a day to $102.10 a barrel, and Brent 6.60% to $101.48 a barrel.
For traders looking to trade oil outside Wall Street hours, Hyperliquid has become a popular avenue. A decentralized crypto exchange, it lets users trade leveraged perpetual futures.
The WTI OIL-USDC contract, an oil-linked perpetual contract tracking a barrel of WTI crude oil, has seen a trading volume of more than $1 billion over the last 24 hours. The contract has an open interest of more than $600 million.
The BRENT OIL-USDC contract is an oil-linked perpetual contract tracking a barrel of Brent crude oil. It has posted a 24-hour trading volume of more than $490 million and an open interest of more than $318 million.
In fact, these two contracts are among the most traded contracts on Hyperliquid over the last 24 hours.
Bitcoin (BTC), with over $2 billion in trading volume, is still the top contract in the last 24 hours on the crypto exchange.
But the capture of the top spots on the exchange by these oil contracts demonstrates the growing presence of retail traders who are trusting new avenues outside the traditional window.
