Over the weekend, crypto traders processed over $500 million through Hyperliquid's synthetic oil futures, driven by escalating tensions around the Strait of Hormuz. According to NS3.AI, Brent crude prices climbed above $90 per barrel, while WTI contracts on the platform increased to $86 from a $79 close on traditional commodity exchanges Friday afternoon. The situation intensified as Iran closed the strait to commercial shipping, reversing a reopening announced just a day earlier. This geopolitical development led to a surge in open interest across Hyperliquid's synthetic markets, reaching a record high above $2 billion, as traders sought hedging opportunities during the closure of traditional markets.$CL
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