On Easter Sunday, President Donald Trump published a profanity-laced post on Truth Social demanding Iran open the Strait of Hormuz or risk military attacks by Tuesday, roiling commodity and equity markets ahead of the trading week starting April 6. While equity futures pointed lower and oil prices spiked on geopolitical unrest, the crypto market moved in the opposite direction.
Oil Futures Surge on Hormuz Strait Warning
Trump's post, directed at Iranian leadership, warned that power plants and bridges would be attacked and ended with the phrase "Praise be to Allah." The message followed reports that a U.S. military pilot was rescued after their aircraft was shot down by Iranian forces amid escalating tensions in the Persian Gulf.
Oil markets did not wait for Monday's open to react. WTI crude futures for May 2026 on the CME Globex platform traded near $114.42 to $114.59 per barrel around 6:50 PM EDT Sunday, up approximately $2.88 to $3.05, or roughly 2.6% to 2.7%, from the prior settlement of $111.54. The contract's daily range spanned from $112.50 to a session high of $115.48.
WTI's 52-week interval has now expanded to approximately $54.98 to $119.48 intraday, reflecting a year of escalating geopolitical pressure on global supply. WTI contracts for June 2026 traded near $100.28, confirming a steep contango curve that tapers to the $70 level in late 2026 and early 2027.
U.S. Equity Futures Weaken
U.S. equity index futures showed a calmer yet consistent picture. The E-mini S&P 500 contract for June traded near 6,583.25, down about 0.59% from the prior settlement. E-mini Nasdaq-100 posted the largest decline among the three major contracts, falling 156.25 points or 0.65% to 24,061.75, in line with the sector's sensitivity to geopolitical risks and rising energy costs. E-mini Dow futures hovered near 46,483, following a modest decline of an estimated 0.5%.
Cash equity indices were closed during the extended Easter weekend. The last regular trading session closed on April 2, and Good Friday on April 3 was a market holiday. All equity futures data reflect the active contracts expiring in June 2026.
Decentralized Markets Surge as Hyperliquid Booms
Decentralized markets offered their own interpretation of the situation. On Hyperliquid, the perpetual XYZ:CL WTI contract traded between $112.56 and $113.63, with open interest between $575 million and $593 million. The 24-hour volume on the onchain platform ranged from $156 million to $237 million, with a funding rate slightly negative, meaning short positions received modest payments from long holders.
Hyperliquid's oil perps offer up to 20x leverage, settle in USDC, and trade 24/7 without expiry, giving traders exposure to energy price movements that traditional CME Globex cannot fully capture in low-volume evening windows. During earlier volatility spikes in early 2026, Hyperliquid oil contract daily volumes reached $1 to $1.7 billion, accompanied by significant liquidation cascades.
Brent crude followed WTI higher. The XYZ:BRENTOIL perpetual on Hyperliquid traded near $109.85 to $110.31 with a 24-hour turnover of $47 to $60 million and open interest near $557 million. Concurrently, the total market capitalization of digital assets rose to $2.35 trillion, up 1.13% during the session, as traders shifted to decentralized assets over a weekend when traditional markets could not react.
Bitcoin and Crypto Markets Rally
At 7:30 PM Eastern Time, Bitcoin traded at $69,009, up 2.11% on the day and 4.06% over the past week, firmly holding as the dominant store of value while Wall Street futures turned red. Ethereum rose 2.95% to $2,118, posting a weekly gain of 6.26%, outperforming Bitcoin's move. XRP rose 2.21% to $1.32, and BNB rose 1.79% to $602.
Developments overnight, 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 following WTI need to account for both the CME session and Hyperliquid's continuous onchain order book.
Gold Falls 15% from War Highs as Safe-Haven Trade Fades
Gold prices fell to $4,623 per ounce after the stronger-than-expected March 2026 jobs report of 178,000 new jobs dampened Fed rate cut hopes, causing the "Operation Epic Fury" safe-haven trade to unwind. Silver held above $73.75 on industrial demand. Read more.