Is crude heading back to $100? Crypto traders drive $500M weekend Hyperliquid oil bets over Strait of Hormuz closure

Crypto traders traded more than $500 million in synthetic oil futures over the weekend on the decentralized exchange Hyperliquid, betting that renewed military conflict in the Middle East could push crude prices back to $100 a barrel. The surge in blockchain-based trading followed Iran’s abrupt decision to shut the Strait of Hormuz to commercial shipping, reversing a reopening announced just a day earlier. Reports of…