The market moved sharply yesterday following the U.S.-Israel airstrike on Iran. On the decentralized exchange Hyperliquid, oil-linked perpetual futures jumped by more than 5%, and especially the Oil-USDH futures moved past $71. Gold and silver futures also rose, which seems to be because demand for safe-haven assets has increased as geopolitical risk grows.

When the situation in the Middle East becomes unstable, the crude oil market also reacts sensitively. Iran controls the Strait of Hormuz, and through here about $500 billion worth of oil and gas flows annually—so there has been continued concern that if the strait is blocked, global oil prices could surge sharply. Yesterday’s move seems to have reflected this anxiety in the futures market.

Looking at real-time U.S. futures data, volatility is currently elevated. If these geopolitical risks keep going, it may be worth taking an interest in energy-related assets.