On Easter Sunday, President Donald Trump posted a profanity-laced message on Truth Social demanding Iran open the Strait of Hormuz or face military strikes by Tuesday, rattling commodity and equity markets heading into the April 6 trading week. While equity futures pointed lower and oil spiked on geopolitical fear, the crypto market moved in the opposite direction.

Key Takeaways:

• Trump threatened Iran on Truth Social April 5, warning of Tuesday strikes if the Strait of Hormuz blockade continued.
• WTI crude May 2026 futures climbed 2.7% to $114.59, while Nasdaq-100 futures dropped 0.65% to 24,061.75.
• Hyperliquid’s XYZ:CL perpetual contract hit $593M open interest as DeFi traders priced in geopolitical risk 24/7.

Oil Futures Spike After Trump Posts Strait of Hormuz Warning on Easter Sunday

Trump’s post, directed at Iranian leadership, warned that power plants and bridges would be targeted, and was signed off with “Praise be to Allah.” The message followed reports that a U.S. military pilot was rescued after their aircraft was downed by Iranian forces amid escalating tensions in the Persian Gulf.

Oil markets did not wait for Monday’s open to respond.

May 2026 WTI crude oil futures on the CME Globex platform were trading near $114.42 to $114.59 per barrel by approximately 6:50 p.m. EDT Sunday, up roughly $2.88 to $3.05, or about 2.6% to 2.7%, from the prior settlement of $111.54. The contract’s day range stretched from $112.50 to a session high of $115.48.

The WTI 52-week range has now widened to approximately $54.98 to $119.48 intraday, reflecting a year of compounding geopolitical pressure on global supply. June 2026 WTI contracts traded near $100.28, confirming a steep contango curve that tapers into the $70s by late 2026 and early 2027.

U.S. equity index futures told a quieter but consistent story. The E-mini S&P 500 June contract was trading near 6,583.25, off roughly 0.59% from its prior settlement. The E-mini Nasdaq-100 posted the steepest decline among the three major contracts, falling 156.25 points, or 0.65%, to 24,061.75, consistent with the sector’s sensitivity to geopolitical risk and rising energy costs. E-mini Dow futures were near 46,483, tracking modestly lower with an estimated 0.5% decline.

Cash equity markets were closed for the extended Easter weekend. The last regular session closed April 2, with Good Friday on April 3 observed as a market holiday. All equity futures data reflect the active June 2026 front-month contracts.

Hyperliquid Action Roars as Crypto Economy Gains

Decentralized markets offered their own read on the situation. On Hyperliquid, the XYZ:CL WTI perpetual contract was trading between $112.56 and $113.63, with open interest reaching $575 million to $593 million. The 24-hour volume on the onchain platform ran between $156 million and $237 million, with a funding rate slightly negative, meaning shorts were receiving modest payments from long holders.

Hyperliquid’s oil perps carry up to 20x leverage, settle in USDC, and trade around the clock with no expiration, giving traders exposure to energy price moves that traditional CME Globex cannot fully capture during low- volume evening windows. During prior volatility spikes in early 2026, daily volume on Hyperliquid oil contracts reached $1 billion to $1.7 billion, alongside significant liquidation cascades.

Brent crude tracked WTI higher. The XYZ:BRENTOIL perpetual on Hyperliquid was trading near $109.85 to $110.31, with 24-hour volume of $47 million to $60 million and open interest near $557 million. Alongside this, the total digital asset market cap climbed to $2.35 trillion, up 1.13% on the session, as traders rotated into decentralized assets during a weekend when traditional markets had no avenue to respond.

As of 7:30 p.m. Eastern time, bitcoin traded at $69,009, up 2.11% on the day and 4.06% over the past week, holding firm as the dominant store-of-value play while Wall Street futures drifted red. Ethereum rose 2.95% to $2,118, posting a 6.26% weekly gain that outpaced bitcoin’s move. XRP added 2.21% to $1.32, and BNB gained 1.79% to $602.

Overnight developments, including any further statements from the White House or Iranian government, will likely set the tone for Monday’s open across energy, equity, and DeFi markets. Traders watching WTI will need to account for both the CME session and Hyperliquid’s continuous onchain order book.

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