Perpetual futures tied to oil prices traded on a decentralized exchange Hyperliquid surged Saturday after the United States and Israel launched coordinated missile strikes on Iran, a key oil producer, triggering explosions in Tehran and several other cities.
Oil-USDH perpetual contracts climbed more than 5% to $71.26, while another contract, USOIL-USDH, advanced above $86.00. Together, the two saw nearly $4 million in trading volume and more than $5 million in notional open interest, according to Hyperliquid data.
Gold and silver contracts also rose, likely due to safe-haven demand as markets reacted to increased geopolitical risk.
Prices rose after the United States and Israel launched a coordinated missile strike on Iran on Saturday, triggering massive explosions in Tehran and several other cities, in a dramatic escalation that threatens to plunge the oil-rich Middle East into prolonged uncertainty.
Iran retaliated shortly after, targeting several US air bases in the region.
Iran is not only a major oil producer, but it also controls a large portion of the oil. Strait of Hormuzthrough which more than $500 billion in oil and gas passes every year. Its designated shipping lanes lie entirely within the territorial waters of Iran and Oman. Concerns have long circulated that an all-out war could see Iran militarize its control of the strait, potentially triggering a massive global oil push.
Rising oil prices could fuel inflation, making it harder for central banks to reduce borrowing costs, prioritize growth and encourage risk-taking in financial markets.
