Crude oil prices just experienced the largest single-day increase in history, causing traders betting on falling prices to suffer significant losses. According to Coinglass, nearly $40 million worth of tokenized oil contracts on Hyperliquid were liquidated in the past 24 hours, with $36.9 million coming from short positions as oil prices surged approximately 30% following escalating tensions with Iran.
The CL-USDC contract on Hyperliquid rose to $114.77, nearly 20% higher in a day, while the USOIL-USDH pair hit $135. This rally pushed Brent and WTI crude oil prices to their highest levels since the Russia–Ukraine conflict in 2022.
The cause stems from escalating Middle East tensions: Israel attacking Iran and Hezbollah infrastructure, while Iranian missiles target energy facilities in Saudi Arabia and Bahrain. Disruptions in Iraqi production and limited oil tanker passage through the Strait of Hormuz have caused significant volatility in the oil market.
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