Gate News reports that on March 13, according to Hyperliquid monitoring, market bullish sentiment is heating up as oil prices continue to rise. Hyperliquid’s funding rates for CL (WTI Crude Oil) and BRENTOIL (Brent Crude Oil) turned positive today, with CL contracts at approximately 0.0012% and BRENTOIL at about 0.0052%. Currently, the combined trading volume of US and Brent crude oils has reached $1.3 billion, with open interest totaling $377 million.
On the news front, tensions in the Middle East have continued to escalate from last night into early this morning. Iran’s Supreme Leader declared that “the Strait of Hormuz must remain closed,” causing oil prices to spike briefly to $96 per barrel. Subsequently, Deputy Foreign Minister Ravanji stated that “some ships from certain countries are allowed to pass,” which caused prices to retreat some of their gains. Despite this, the ongoing closure of the strait still results in an approximate daily supply shortfall of 20 million barrels. At 6 a.m. this morning, WTI crude oil prices briefly rebounded to $98 per barrel, and are now at $95.7.
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