Oil futures tied to cryptocurrency trading platform Hyperliquid jumped 7% in early trading Friday following unverified reports that former President Donald Trump ordered a U.S. naval blockade of the Strait of Hormuz. The price movement occurred despite no official confirmation from U.S. military or government sources.
The Strait of Hormuz handles about 20% of global oil shipments, making it one of the world’s most critical maritime chokepoints. ‘Any disruption there sends immediate shockwaves through energy markets,’ said a commodities analyst at S&P Global who spoke on condition of anonymity due to company policy. ‘What’s unusual here is seeing the reaction first in crypto-adjacent markets rather than traditional exchanges.’
Defense officials contacted by Reuters declined to confirm any blockade orders. The U.S. Fifth Fleet, which operates in the region, maintained normal patrol operations according to their public statements. Meanwhile, Hyperliquid’s oil futures – which settle in stablecoins rather than physical barrels – saw trading volume triple their 30-day average.
Market analysts note that Trump, while no longer in office, retains significant influence over geopolitical expectations. ‘Traders are pricing in the possibility of future disruption,’ said a strategist at Chainalysis. ‘The crypto derivatives markets often move faster than traditional markets on geopolitical rumors.’
If confirmed, a blockade would represent a dramatic escalation in Middle East tensions. However, legal experts question whether a former president could legally order military action. The White House press secretary called the reports ‘categorically false’ during today’s briefing.