Renewed conflict between the United States and Iran pushed crude prices sharply higher on Sept. 2, with supply disruption risks around the Strait of Hormuz moving back into focus. According to TradingBeats, formerly Hyperinsight, WTI crude rose 5.2% to $90.22 and Brent climbed 4.6% to $94.65, with both reaching their highest levels in roughly five weeks. The two contracts were later quoted at $90.87 and $95.50, up about 4.81% and 4.69% over 24 hours.
During the move, a major crude oil short on Hyperliquid identified as 0x0c4a partially stopped out of its position. The trader closed 31,461.31 WTI short contracts and 50,774.85 Brent short contracts, realizing losses of about $53,900 and $161,200, respectively. TradingBeats said the account recorded a one-day drawdown of $1.26 million.
As of publication, the address still held about $16.884 million in combined short exposure across the two crude contracts. Its WTI short, set at 20x leverage, stood at about $6.459 million with an average entry of $88.70, an unrealized loss of about $153,400 and a liquidation price of $97.49. Its Brent short, also at 20x leverage, stood at about $10.425 million with an average entry of $91.89, an unrealized loss of about $392,300 and a liquidation price of $101.63.
Renewed escalation in the U.S.-Iran conflict sent crude prices sharply higher on Sept. 2, with the risk of supply disruption in the Strait of Hormuz rising after both sides launched attacks, according to TradingBeats, formerly known as Hyperinsight.
WTI and Brent hit their highest levels in nearly five weeks
TradingBeats data showed WTI crude rose 5.2% to $90.22, while Brent crude gained 4.6% to $94.65. Both marked their highest levels in nearly five weeks. The two contracts were later quoted at $90.87 and $95.50, with 24-hour gains of about 4.81% and 4.69%, respectively.
Major Hyperliquid crude short partially cuts positions
As oil moved higher, a major crude short on Hyperliquid, identified as 0x0c4a, partially stopped out of the trade. The account closed 31,461.31 WTI short contracts and 50,774.85 Brent short contracts, realizing losses of about $53,900 and $161,200, respectively.
TradingBeats said the account posted a one-day drawdown of $1.26 million.
Account still holds about $16.884 million in short exposure
At the time of publication, the trader still held about $16.884 million in combined short positions across WTI and Brent. The WTI short, at 20x leverage, stood at about $6.459 million, with an average entry price of $88.70, an unrealized loss of about $153,400 and a liquidation price of $97.49. The Brent short, also at 20x leverage, stood at about $10.425 million, with an average entry price of $91.89, an unrealized loss of about $392,300 and a liquidation price of $101.63.
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