Brent crude climbed to $97.93 and WTI reached $93.10 as geopolitical instability in the Middle East fueled record trading volumes on the decentralized platform Hyperliquid during the Labor Day market closure.
WTI crude oil prices climbed to $93.10, marking a significant peak not seen since July, driven by the same Middle East geopolitical tensions affecting global benchmarks. The asset saw substantial speculative interest on the Hyperliquid platform, where the WTI-USDC perpetual contract recorded a 24-hour trading volume of $188.70 million as retail traders sought exposure during the holiday market closure.
The 24-hour trading volume for the WTI-USDC contract on Hyperliquid reached $188.70 million.
Oil prices surged on the Labor Day holiday as US-Iran strikes rattled global markets. With traditional exchanges closed, speculative traders flocked to the decentralized exchange Hyperliquid, pushing Brent crude to $97.93 and WTI to $93.10 per barrel.
Traditional financial markets like the NYSE and Nasdaq were closed for the holiday, forcing traders to utilize decentralized platforms like Hyperliquid to speculate on commodity price movements.