A Hyperliquid user took a 20x leveraged long on CL crude oil futures, only to have the trade fully liquidated in less than 40 minutes, according to data tracked by Lookonchain.
31,960 xyz:CL($3.2M) has been fully liquidated — in less than 40 minutes! https://t.co/bfoiHltRSOhttps://t.co/w83K00bCkQ pic.twitter.com/7wlEJsMiHE
— Lookonchain (@lookonchain) March 9, 2026
The trader’s position was wiped out as crude oil prices fell below $100 after reaching an all-time high of $119, with losses accelerating toward $94 during the morning session.
Oil prices spiked amid escalating tensions in the Middle East and a near-shutdown of the Strait of Hormuz, a key global shipping route.
The recent retreat came after G7 ministers signaled readiness to act, including potential reserve releases, to support global energy supply.
However, France’s finance minister confirmed Monday that the group has not yet reached an agreement to release strategic oil reserves. Leaders stressed that any release would need to be coordinated and are exploring defensive measures to protect shipping in the Strait of Hormuz.
Regional producers are already reducing output to manage full storage. Governments, including the US, China, India, and South Korea, are exploring interventions to ease the supply crunch, with analysts warning of continued volatility if the shipping bottleneck persists.
