The US-Iran Conflict Drives Oil Prices to Near-Term Highs, Leading to a $1.26 Million Daily Withdrawal from a Major Oil Fund

BlockBeats News, September 2nd, according to TradingBeats (formerly Hyperinsight) monitoring, the US-Iran conflict escalated again, with both sides launching attacks, raising the risk of supply disruption in the Strait of Hormuz. WTI crude oil rose by 5.2% to $90.22, Brent crude oil rose by 4.6% to $94.65, both reaching nearly five-week highs. WTI and Brent contracts are currently trading at $90.87 and $95.50, with a 24-hour gain of approximately 4.81% and 4.69%, respectively.

During the rapid rise in oil prices, a major oil short in Hyperliquid (0x0c4a) partially liquidated, closing 31,461.31 contracts of WTI and 50,774.85 contracts of Brent shorts. They realized losses of about $53,900 and $161,200, with an account's single-day drawdown of $1.26 million. As of the time of writing, they still hold a double oil short position valued at approximately $16.884 million:

WTI Crude Oil (20x leverage): Short position of approximately $6.459 million, average price of $88.70, unrealized loss of about $153,400, liquidation price of $97.49;

Brent Crude Oil (20x leverage): Short position of approximately $10.425 million, average price of $91.89, unrealized loss of about $392,300, liquidation price of $101.63.