On Easter Sunday, April 5, U.S. President Donald Trump posted a profanity-laced message on Truth Social demanding Iran open the Strait of Hormuz by Tuesday or face military strikes. The threat rattled commodity and equity markets, while crypto markets moved in the opposite direction.
WTI Crude Futures Jump 2.7% Overnight
By 6:50 p.m. EDT Sunday, May 2026 WTI crude oil futures on CME Globex were trading near $114.42 to $114.59 per barrel, up approximately $2.88 to $3.05, or 2.6% to 2.7%, from the prior settlement of $111.54. The session ranged from $112.50 to a high of $115.48. The 52-week range has now widened to roughly $54.98 to $119.48 intraday.
June 2026 WTI contracts traded near $100.28, confirming a steep contango curve. Meanwhile, U.S. equity index futures declined: E-mini Nasdaq-100 fell 0.65% to 24,061.75, E-mini S&P 500 dropped 0.59%, and Dow futures declined approximately 0.5%. Cash equity markets were closed for the extended Easter weekend, with April 3 being a market holiday for Good Friday.
Crypto Markets Strengthen, Bitcoin Reaches $69K
With traditional markets closed, crypto markets became a 24/7 venue for pricing geopolitical risk. Bitcoin rose 2.11% to $69,009, gaining 4.06% over the past week. Ethereum climbed 2.95% to $2,118, with a weekly gain of 6.26%. XRP added 2.21% to $1.32, and BNB advanced 1.79% to $602. The total digital asset market capitalization increased to $2.35 trillion, up 1.13% on the day.
On Hyperliquid, the XYZ:CL WTI perpetual contract traded between $112.56 and $113.63, with open interest swelling from $575 million to $593 million. 24-hour volume on the onchain platform ranged from $156 million to $237 million, with funding rates slightly negative, meaning shorts were paying longs modestly. Hyperliquid offers up to 20x leverage, settles in USDC, and operates 24/7 without expiry. The Brent crude perpetual (XYZ:BRENTOIL) traded near $109.85 to $110.31, with open interest close to $557 million.
Gold Falls 15% from War Highs as Safe Haven Unwinds
Gold dropped to $4,623/oz, down 15% from its wartime peak, after March 2026 nonfarm payrolls of 178K beat expectations, further dimming hopes of Fed rate cuts. Silver held above $73.75 due to industrial demand.
Analysts noted that overnight developments — including any further statements from the White House or Iran — will set the tone for Monday's open in energy, equity and DeFi markets. Traders must monitor both CME Globex sessions and Hyperliquid's continuous onchain order book.