Tokenized Crude Futures Drop Amid G7 Oil Reserve Release Consideration

Tokenized crude futures on Hyperliquid's CL-USDC contract experienced a significant decline, falling from an intraday high of $118 to $102.83. According to NS3.AI, this drop followed a report that G7 finance ministers are contemplating a coordinated emergency release of oil reserves through the International Energy Agency. Earlier in the day, the contract had surged by more than 25% due to the intensification of the Iran war, which severely disrupted regional oil supply and shipping. The open interest of $181.9 million and a 24-hour volume of $823 million underscore the heavy use of crypto-native venues for oil exposure during this period of turmoil.