The sharp escalation in the Iran-Israel conflict led to a historic price spike in crude oil, triggering significant liquidations on Hyperliquid’s tokenized oil contracts, including nearly $37 million in short positions.
A historic surge in crude oil prices driven by the Iran-Israel conflict led to nearly $40 million in liquidations on Hyperliquid’s tokenized oil contracts, with about $36.9 million coming from short positions. The CL-USDC contract reached $114.77, contributing to one of Hyperliquid’s largest single-asset liquidation events outside bitcoin and ether. Oil prices surged by roughly 30%, marking the largest single-day percentage gain in oil market history. The broader crypto market also saw significant liquidations, with total losses reaching $364.4 million in the past 24 hours.