Oil shorts on Hyperliquid get wiped out as crude surges 30% on Iran escalation

Tokenized crude oil futures saw their largest liquidation event on crypto venues as the conflict expanded to Saudi Arabia and Gulf oil production collapsed. What to know : Crude oil’s historic price spike, driven by a sharp escalation in the Iran-Israel conflict, triggered nearly $40 million in liquidations on Hyperliquid’s tokenized oil contracts, with about $36.9 million coming from short positions. The surge pushed Hyperliquid’s CL-USDC contract as high as $114.77 and helped make oil one of the platform’s largest single-asset liquidation events outside bitcoin and ether, even as broader crypto markets suffered a risk-off sell-off.(Coindesk)