Oil prices pulled back sharply early Monday after reports that Group of Seven (G7) finance ministers planned an emergency call to discuss a coordinated release of strategic crude reserves, giving markets a possible policy response to the war-driven supply shock.
The Financial Times reported that G7 finance ministers planned an emergency call to discuss a possible coordinated release of 300 million to 400 million barrels from strategic oil reserves to calm markets after the war-driven spike in crude prices.
On Hyperliquid, crude oil futures rose nearly 25% to as high as about $117 overnight before falling by around 14.5% to roughly $100 after the G7 reports emerged. The reversal suggested traders were quickly repricing the risk of a coordinated reserve release even as the conflict continued to threaten supply.
Bitcoin rebounds after earlier drop
Bitcoin ($BTC) also rebounded after an earlier drop during the oil spike. After falling to about $65,725, CoinGecko data shows $BTC climbing as high as $67,992.88 at the time of writing, a gain of roughly 3.45% in a few hours.
CryptoQuant analyst Darkfost said in a market note that higher oil prices and Strait of Hormuz tensions could weigh on risk appetite and complicate the outlook for volatile assets such as Bitcoin.
“Historically, periods when oil prices regain strength often coincide with $BTC end-of-cycle phases,” he wrote.
Hyperliquid HIP-3 hits record weekend volume on oil price surge
The episode also underscored how onchain venues can attract demand when traditional markets are closed.
Hyperliquid’s oil-linked contracts had already surged after the initial US-Israeli strike on Iran in late February, with traders turning to decentralized perpetuals for round-the-clock commodity exposure. Hyperliquid data shows that Tradexyz, a trading interface built on Hyperliquid, reached its highest weekend volume of over $610 million on Feb. 28.
Related: Iranian crypto outflows spike 700% after US-Israeli airstrikes
As the conflict escalates, oil prices have continued to rise, and Tradexyz has surpassed its previous weekend record with nearly $720 million in trading volume over the weekend, onchain analytics hub Pine Analytics said in an X post on Monday.
“These two waves of demand in the past month on Tradexyz show the platform is absorbing demand for traditional assets by people who don’t have TradFi access, or at points in time when these exchanges are offline,” Pine wrote.
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