Trump Warns Iran; Hyperliquid Oil Perps Top $106, Bitcoin Falls

President Donald Trump warned Iran that ‘the Clock is Ticking’ after a May 17 phone call with Israeli Prime Minister Benjamin Netanyahu. The message coincided with a spike in trading on Hyperliquid oil perpetual contracts and a pullback in major cryptocurrencies.

Trump posted on Truth Social: ‘For Iran, the Clock is Ticking, and they better get moving, FAST, or there will not be anything left of them. TIME IS OF THE ESSENCE!’

The conflict began in late February when U.S. and Israeli forces launched Operation Epic Fury against Iranian nuclear sites. A Pakistan-mediated ceasefire took effect on April 8 and has been extended, but indirect talks have made little progress. U.S. negotiators are pressing Iran to remove roughly 400 kilograms of near-weapons-grade uranium, limit certain nuclear sites and reopen the Strait of Hormuz without conditions. Iran seeks full sanctions relief, release of frozen assets, war reparations and recognition of its influence over Hormuz shipping and has warned of ‘surprising’ responses if talks collapse.

U.S. officials plan to convene the Situation Room on Tuesday to consider options if Iran does not meet negotiators’ demands, including a range of diplomatic and military measures.

The Strait of Hormuz normally handles about 20 to 30 percent of global seaborne oil trade. Since the conflict began, traffic through the passage has fallen to a fraction of typical volumes, contributing to tighter supply, higher freight and increased insurance costs. Brent crude traded above $109 on May 15, and U.S. national gasoline prices have averaged roughly $4.51 per gallon in recent weeks.

On Hyperliquid, WTI perpetual contracts traded near $102.48 with more than $77.8 million in 24-hour volume and open interest above $158 million. Brent perpetuals held near $106.14 with open interest above $324 million. Combined open interest across the two contracts exceeded $481 million. Hyperliquid’s oil perpetual markets have recorded single-day volumes above $1 billion during peak volatility. The platform’s native token, HYPE, rose about 8.36% to roughly $45.39 as trader activity increased.

Cryptocurrency markets moved lower as geopolitical risk rose. Bitcoin hit an intraday low of $76,690 and was trading around $77,227 in the evening, down about 0.9% over 24 hours. Ethereum traded near $2,127, Solana around $85.18, XRP at $1.39, BNB near $647 and Dogecoin about $0.1085.

Other recent developments include a drone strike that sparked a fire at the Barakah nuclear plant in the United Arab Emirates; authorities reported no radiological damage or injuries. Israel signaled readiness to resume strikes if the ceasefire collapses, and U.S. naval forces remain active in the Gulf. A recent summit between President Trump and Chinese President Xi Jinping produced no visible progress on the Hormuz issue.

Negotiations are continuing through indirect channels with significant gaps between positions. Traders and policymakers are watching for any change in Strait of Hormuz traffic or movement at the negotiating table that could affect energy supplies and market volatility.