Hyperliquid Crude Oil Contract Funding Rate Flips from Negative to Positive as Middle East Tensions Drive Oil Price Volatility

BlockBeats News, March 13th, according to Hyperliquid monitoring, as the oil price continues to rise, the market sentiment has turned bullish. On Hyperliquid, the funding rates for CL (WTI Crude Oil) and BRENTOIL (Brent Crude Oil) have turned positive today, with the CL contract funding rate temporarily at 0.0012% and the BRENTOIL at 0.0052%. The total trading volume for the US and UK oils has reached $1.3 billion, with a total open interest of $377 million.

On the news front, the Middle East situation has continued to escalate since last night to this morning. Iran's Supreme Leader stated that "the Strait of Hormuz must remain closed," pushing the oil price briefly up to $96; later, Deputy Foreign Minister Rahanchi stated, "allowing ships from some countries to pass," causing the oil price to give back some of its gains.

Nevertheless, the continued closure of the strait still results in a daily supply gap of about 20 million barrels. At 6 a.m. this morning, the WTI crude oil price briefly rose to $98 per barrel, and is now trading at $95.7.