U.S. President Donald Trump posted a threatening message on Truth Social on Easter Sunday (April 5), demanding that Iran open the Strait of Hormuz by Tuesday or face military attacks. The warning sent shockwaves through commodity and equity markets, with WTI crude oil futures spiking 2.7% while Nasdaq-100 futures slipped 0.65%. In contrast, the cryptocurrency market moved in the opposite direction—Bitcoin surpassed $69,000 and the total crypto market capitalization rose to $2.35 trillion.
Crude Oil Surges as Geopolitical Risk Premium Widens
WTI crude oil futures for May 2026 delivery on CME Globex traded around $114.42–$114.59 per barrel by 6:50 p.m. EDT Sunday, up about 2.6%–2.7% from Friday’s settlement of $111.54. The contract touched an intraday high of $115.48, and the 52-week range has expanded to roughly $54.98–$119.48, reflecting the accumulated geopolitical pressure over the past year. June 2026 WTI futures traded near $100.28, confirming a steep contango curve that decays toward the $70s by late 2026 and early 2027.
U.S. equity index futures showed a more subdued but consistent story. The E-mini S&P 500 June contract traded near 6,583.25, down about 0.59% from the prior settlement. The E-mini Nasdaq-100 posted the steepest decline among the three major contracts, dropping 156.25 points, or 0.65%, to 24,061.75. The E-mini Dow futures stood near 46,483, following slightly lower with an estimated 0.5% decline. Cash equity markets were closed for the extended Easter weekend.
Hyperliquid Sees Surge in Onchain Oil Perpetual Trading
Decentralized markets offered their own reading of the situation. On Hyperliquid, the XYZ:CL WTI perpetual contract traded between $112.56 and $113.63, with open interest ranging from $575 million to $593 million. The 24-hour volume on the onchain platform stood between $156 million and $237 million, with a slightly negative funding rate, meaning shorts were paying a moderate fee to long holders. The oil perps offer up to 20x leverage, settle in USDC, and trade 24/7 without expiration, providing traders exposure to energy price movements not fully covered by traditional CME Globex during low-volume overnight windows.
Brent crude tracked the WTI move. The XYZ:BRENTOIL perpetual on Hyperliquid traded near $109.85–$110.31, with 24-hour volume of $47 million–$60 million and open interest near $557 million.
Bitcoin Leads Crypto Gains as Safe-Haven Narrative Gains Ground
Around 7:30 p.m. EDT, Bitcoin traded at $69,009, up 2.11% on the day and 4.06% over the past week, remaining resilient as a dominant store-of-value play while Wall Street futures gradually turned red. Ethereum rose 2.95% to $2,118, posting a 6.26% weekly gain that outpaced Bitcoin’s. XRP added 2.21% to $1.32, and BNB climbed 1.79% to $602. The total digital asset market capitalization increased 1.13% to $2.35 trillion, as traders shifted to decentralized assets during a weekend when traditional markets were closed.
Gold Slumps 15% from War Highs, Silver Holds Above $73.75
Gold fell to $4,623/oz after the March 2026 nonfarm payrolls beat expectations at 178K, weakening the case for Fed rate cuts. Silver remained above $73.75 on industrial demand. The precious metals safe-haven trade that had surged during “Operation Epic Fury” has now largely faded.
Overnight events, including any further statements from the White House or the Iranian government, are likely to set the tone for Monday’s open in energy, equity, and DeFi markets. Traders watching WTI will need to consider both the CME session and Hyperliquid’s continuous onchain order book.