Crude oil prices have stayed near $140 as traders tracked the war in the Middle East and reports around the Strait of Hormuz closure. USOIL traded around $140.35, up 1.12% over the past 24 hours. The move kept oil near its highest daily close since June 2022. It also drew fresh attention to Hyperliquid, where 24/7 commodity-linked perpetual futures have seen rising activity during the latest oil rally.

According to UBlockchain, Hyperliquid HIP-3 recorded about $14.39 billion in cumulative trading volume over the last seven days, while open interest stood near $2.39 billion.

This latest price action came as President Donald Trump mixed threats with calls for a deal with Iran. In today's remarks, he said Iran must agree to terms or face wider U.S. action by Tuesday. However, despite the rising threats, Iranian officials have signaled that the Strait of Hormuz will remain closed, keeping supply fears in focus.

Oil markets have reacted to Trump’s statements in different ways over the past two weeks. Earlier comments about pauses and talks pushed prices lower for short periods. More recent comments had less effect, and prices stayed firm as traders weighed ongoing military risks and supply disruption.

USOIL Stays Elevated as Supply Concerns Continue

The USOIL chart shows a steady rise during the session. Price opened near $138.80 and then pushed above $141.00 before easing back. The session high appeared near $141.2 to $141.3, while the low sat close to $138.8.

Even after the pullback, oil held above the earlier breakout zone. That kept short-term momentum positive. Immediate resistance remained near $141.0 to $141.3, while support appeared near $139.0 and then around $138.8.

Source: CoinMarketCap

Traders remained focused on the Strait of Hormuz because it is one of the world’s main oil shipping routes. Any disruption there can tighten supply and lift prices. That risk remained in place as fighting continued and tanker movements stayed under pressure.

The market also watched energy infrastructure across the Gulf. Strikes on infrastructure and threats of more attacks added to supply concerns. Those factors helped keep crude prices elevated even when diplomacy headlines briefly appeared.

Donald Trump Increases 48-Hour Deadline to 82 Hours

Recent market behavior suggested traders were becoming less responsive to peace signals from Trump. Earlier announcements about pauses in strikes caused sharp moves lower in Brent crude futures. Later comments produced smaller reactions, and prices recovered quickly.

Concurrently, the Brent crude has returned to around the same level seen before Trump’s pause comments two weeks earlier. Oil has recently hit $109 per barrel, up more than 50% since the war began. U.S. gasoline prices also moved higher, with the AAA national average reaching $4.10 a gallon on Saturday from $2.98 before the war.

According to the Kobeissi Letter, Trump’s shifting deadlines and public comments may reflect an effort to contain oil prices. The report said Iran’s leverage remains tied to energy markets. It added that higher prices make the market more sensitive to supply risk and military headlines.

At the same time, markets have been parsing Trump’s latest statements on Iran. The Kobeissi Letter said a previously reported 48-hour deadline had effectively shifted after Trump later posted, “Tuesday, 8:00 P.M. Eastern Time!” That extended the timeline to about 82 hours and added another layer of uncertainty for traders.

Trump also told multiple news outlets he would “blow everything up” in Iran if no deal was reached by Tuesday, according to the same report. Those remarks followed other hardline comments, including references to sending Iran back to the “stone ages.” Together, the statements have kept geopolitical tension at the center of oil trading. Iran, meanwhile, kept its position on the Strait of Hormuz, which traders viewed as a direct risk to global flows.