A Hyperliquid whale has expanded a Brent crude short position to about $24 million after oil markets reopened sharply lower amid renewed diplomatic activity between the United States and Iran.

The wallet, 0xebe126adabe1a8f08d3ce53b45e7cc994ca14070, held the position through Hyperliquid’s xyz:BRENTOIL perpetual market. Hyperdash tracked roughly $1.7 million in unrealized profit on the trade after Monday’s drop.

The position was not a newly opened nine-figure oil trade, despite claims made in several social media posts. Onchain Lens had identified the same wallet’s Brent short at approximately $17.1 million on July 23. At the time, the wallet also held a larger short position in SK Hynix-linked contracts and smaller bearish positions tied to Samsung, Nvidia, and Hims & Hers.

The trader’s total exposure was near $64.9 million after depositing 31.12 million USDC over three days. The wallet remains pseudonymous, and there is no public evidence linking its owner to Axios, the White House, or any person with nonpublic information.

Oil Falls as Washington and Tehran Respond

The United States and Iran submitted formal responses to a Pakistani-Qatari proposal intended to restart negotiations, Al Arabiya and Al Hadath reported Sunday. A regional source said Iran had suspended talks rather than withdrawn from them and remained prepared to continue dialogue under the existing U.S.-Iran memorandum.

The renewed diplomatic effort came after two consecutive nights without U.S. strikes, following nearly two weeks of military operations. President Donald Trump declined to authorize another proposed attack on Friday and said Washington was continuing discussions with Tehran.

Brent crude fell 4.2% to $92.74 in early Asian trading, while WTI moved toward $85 as markets reduced part of the supply premium associated with the conflict and the Strait of Hormuz. Brent is the main international oil benchmark, while WTI is the primary U.S. crude benchmark, so moves in both contracts are closely watched for signs of how geopolitical risk is being priced.

A senior Iranian official said Iran would halt retaliatory attacks as long as the U.S. pause remained in place.

Hyperliquid’s commodity perpetual markets remain open on weekends, allowing traders to adjust positions before CME and ICE futures reopen. Perpetual contracts do not expire like standard futures and are common in crypto-linked derivatives venues, but their use for commodities has drawn more attention as 24-hour markets increasingly overlap with traditional energy benchmarks.

The platform’s expanding oil activity has already led CME and ICE to raise concerns about manipulation and market surveillance in anonymous, continuously traded commodity contracts.

Earlier Oil Trades Have Drawn Scrutiny

Oil positions with suspicious timing have appeared repeatedly during shifts in U.S. policy toward Iran. The Commodity Futures Trading Commission began reviewing trades placed on CME and ICE before earlier ceasefire announcements, including an approximately $950 million bearish bet opened hours before an April policy reversal.

That investigation has not been connected to the current Hyperliquid wallet.

The latest decline also follows earlier market swings in which reports of a U.S.-Iran deal triggered liquidations across Bitcoin and oil-sensitive positions. The rise of 24-hour commodity trading has also pushed the CFTC to review CME’s separate proposal for round-the-clock WTI futures.

Hyperdash listed the whale’s Brent short at around $24.01 million, with approximately $1.7 million in unrealized gains after Brent fell below $93.