Oil prices surged near $100 on the Labor Day holiday, Sep. 7 as the United States and Iran traded strikes over the weekend.
Brent crude oil futures, the global benchmark, hit as high as $97.93 a barrel today, the highest price since July 23.
West Texas Intermediate (WTI), the U.S. benchmark, rose to $93.10, the highest since July.
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As the traditional markets, including the New York Stock Exchange (NYSE) and Nasdaq, are suspended today because of the Labor Day holiday, oil traders rushed to an unlikely corner: Hyperliquid .
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Oil trading surges on Hyperliquid
Hyperliquid is a decentralized crypto exchange offering high-leverage perpetuals trading of cryptocurrencies, commodities, and tokenized stocks. It has become very popular, attracting a large number of high-frequency and speculative crypto traders.
Traders come to Hyperliquid to speculate on commodities, equities, and private-company valuations through blockchain-based markets. Due to the Middle East conflict, Hyperliquid has become extremely popular among retail traders interested in oil.
The Brent oil-USDC contract , a perpetual contract on Hyperliquid tracking a barrel of Brent crude oil, was trading at $96.97 at the time of writing. The 24-hour trading volume stood at $129 million.
The WTI-USDC contract , a perpetual contract tracking a barrel of WTI crude oil, was trading at $96.97 at the time of writing. The 24-hour trading volume stood at $188.70 million.
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This story was originally published by TheStreet on Sep 7, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
