Oil pulls back from 25% spike as G7 discusses emergency reserve release
Crude oil futures on Hyperliquid dropped from $114 to $102 after reports that G7 finance ministers would discuss a joint release of strategic oil reserves to cool the price surge driven by the Iran conflict.
By Shaurya MalwaUpdated Mar 9, 2026, 7:41 a.m. Published Mar 9, 2026, 7:39 a.m.
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What to know:
- Tokenized crude futures on Hyperliquid plunged from a wartime high of $118 to about $103 after reports that G7 finance ministers may coordinate an emergency oil-reserve release.
- The contract had earlier jumped more than 25 percent as the Iran war widened, disrupting Iraqi output, collapsing tanker traffic through the Strait of Hormuz and sending prices briefly soaring.
- With open interest near $182 million and $823 million in 24-hour volume, crypto-native oil markets are letting traders price geopolitical shocks in real time, even as the impact of any G7 intervention remains uncertain.
Oil's war rally just hit its first real obstacle.
Tokenized crude futures on Hyperliquid's CL-USDC contract fell sharply from a high of $118 to $102.83 on Monday after the Financial Times reported that G7 finance ministers would discuss a coordinated release of emergency oil reserves through the International Energy Agency.
Bitcoin rose above $67,300, reversing a move to under $66,900 from earlier in the day.
Three G7 countries, including the U.S., have expressed support for the plan. The ministers and IEA Executive Director Fatih Birol are expected to hold a call to discuss the impact of the Iran war on energy markets.
The reversal was swift. CL-USDC had surged more than 25% earlier Monday as the conflict expanded over the weekend, with Iran appointing a new supreme leader, Israeli strikes escalating into Lebanon, and Iranian missiles hitting Saudi Arabia.
Iraq's oil output dropped roughly 60% and tanker traffic through the Strait of Hormuz collapsed. The contract hit $118 before the G7 headlines pulled it back to $102, still up 7.2% on the day but well off the highs.
Open interest on the contract sits at $181.9 million with $823 million in 24-hour volume, reflecting the enormous demand for oil exposure on crypto-native venues where traders can react to weekend headlines that traditional commodity markets can't price until Monday's open.
The G7 reserve release, if it materializes, would be the most significant coordinated intervention in oil markets since the Russia-Ukraine war in 2022. Whether it's enough to offset the supply disruption depends on the scale of the release and how long the Strait of Hormuz remains effectively closed.
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Bitcoin steadies as limited U.S. exposure to oil shocks calms markets
By Omkar Godbole|Edited by Sam Reynolds1 hour ago
Rising oil prices are shaking global markets, but the U.S. is largely insulated and bitcoin seems to be riding the wave alongside Wall Street.
What to know:
- Oil prices have surged above $100 a barrel amid conflict involving Iran, the United States and Israel, pressuring global markets but leaving bitcoin largely unchanged around $67,000.
- Bitcoin is increasingly trading like a U.S. risk asset, buoyed by the relative resilience of Wall Street, America’s status as a net oil exporter and growing institutional access through spot ETFs.
- While U.S. energy independence may delay the impact of higher oil prices at the gas pump, a prolonged conflict and sustained oil spike could eventually feed into American inflation and consumer costs.
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