Oil-linked perpetual futures on Hyperliquid climbed on Sunday after U.S. Vice President JD Vance left Islamabad without a nuclear agreement with Iran, reigniting fears of renewed conflict in the Middle East.
Key Takeaways:
VP JD Vance concluded 21-plus hours of U.S.-Iran talks in Islamabad on April 12, 2026, without a deal. Oil-linked perps on Hyperliquid hit $130+/barrel as Strait of Hormuz disruption fears returned. However, researcher Jim Bianco noted the cited data was the USO ETF, not crude oil. Hyperliquid’s daily oil volume, which reached $1.7B during the conflict, is expected to stay elevated. JD Vance Leaves Pakistan Without Iran Deal, Oil Prices on Hyperliquid SpikeIran’s disruption of shipping in the Strait of Hormuz, a chokepoint that carries roughly 20% of global oil supply, drove Brent crude above $119 per barrel at prior peaks. The ceasefire had pulled prices down before Sunday’s announcement reversed much of that relief. Still, on Hyperliquid, Brent crude is up 5%, and West Texas Intermediate (WTI) is up 2.9% at 11 a.m. Eastern time on Sunday morning.
The ceasefire remains technically intact, but both sides acknowledged that diplomacy would need to continue. The gap between U.S. demands and Iran’s stated position on nuclear development left traders and analysts with little confidence in a near-term resolution.
If fighting resumes or Iran moves to restrict Hormuz traffic again, analysts expect oil prices to test prior highs. Brent crude had shown technical rebound signals from lows near $87 on Hyperliquid during the negotiation window before Sunday’s announcement pushed prices higher.
