Iran's Parliament Speaker Criticizes 'Digital Oil' Amid Strait of Hormuz Crisis

Iran's parliament speaker, Mohammad Bagher Ghalibaf, has criticized the concept of 'digital oil' during the ongoing Strait of Hormuz crisis. According to NS3.AI, the International Energy Agency reports that approximately 20 million barrels of oil per day passed through this strategic chokepoint in 2025. Bloomberg highlighted in March that Hyperliquid's oil-linked perpetual contract saw a surge in activity, generating over $1.2 billion in 24-hour trading volume as tensions in the Middle East escalated.