Iran Opens Strait Of Hormuz To All But ‘Enemy’ Ships – While Crude Oil Rally Pushes Bets

• Iran said ships from all but “enemy” states may transit the Strait of Hormuz with security coordination, as President Donald Trump issued a 48-hour ultimatum threatening strikes if the waterway is not fully reopened.
• Oil markets rallied amid fears of supply disruption at the chokepoint, pushing Brent crude above $112 per barrel and fueling renewed volatility in the energy market.
• On-chain data shows a wallet linked to Sky co-founder Rune holds roughly $4.02 million in equity and about $5.5 million in unrealized gains.

Iran announced a partial reopening of the Strait of Hormuz on Sunday, stating that ships from all but "enemy" states may pass through the vital waterway, provided they make security arrangements. 

The announcement coincides with a 48-hour ultimatum from U.S. President Donald Trump and a spike in oil prices due to concerns about growing supply disruptions. "If Iran does not FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST," stated U.S. President Donald Trump in a social media post on Saturday.

The remarks come amid heightened geopolitical tensions and renewed energy market volatility, with crude prices rising amid concerns about supply disruptions at the strategic chokepoint that manages a sizable portion of global oil flows.

Why Is The Strait Of Hormuz Conflict Notable?

About 20% of the world's oil and liquefied natural gas passes through the Strait of Hormuz, a narrow but crucial maritime chokepoint that has turned into a major flashpoint in the 2026 Middle East conflict. 

Iran launched retaliatory missile and drone attacks throughout the region in response to a series of coordinated U.S.-Israeli military strikes on Iran, including the assassination of Iran's supreme leader Ali Khamenei in late February. This led to an open conflict between Iran and the combined forces of Israel and the United States. Iran has responded by limiting and successfully disrupting commercial traffic through the strait, attacking merchant ships, planting mines, and now threatening to bar ships from "enemy" nations.

Global Oil Supply Shock

The sharp increase in energy markets was highlighted by Brent crude futures, which recently traded above $112 per barrel, rising more than 3% on the day and extending gains to over 50% over the past month. United States Oil Fund, LP (USO) was down over 1% in after-hours trading. On Stocktwits, retail sentiment around USO remained in ‘bearish’ territory, with ‘high’ chatter levels over the past day. 

United States Brent Oil Fund, LP (BNO) was down 0.4% in after-hours. On Stocktwits, retail sentiment around BNO remained in ‘neutral’ territory, with ‘high’ chatter levels over the past day. 

Oil Bets Lead To Major Profit

Sky's co-founder, Rune, currently has a wallet address with about $4.02 million in total holdings, with about $3.29 million concentrated in leveraged perpetual futures positions and about $733,700 in spot assets, according to on-chain data from Hyperscan. 

With an overall leverage of roughly 1.7 times and total unrealized gains of roughly $5.5 million across its open positions, the account has maintained long positions in Brent crude, WTI crude (CL), and the S&P 500. A concentrated capital inflow of slightly more than $4 million in Circle’s (CRCL) stablecoin USDC from Arbitrum (ARB). This was followed by active rotation through sizable buy and sell orders, including a recent TWAP execution that raised exposure to WTI crude.

The leveraged wallet seems to be benefiting from the current crude price rally, which has underpinned a marked turnaround in crude-linked perpetual positions on Hyperliquid (HYPE), shifting them from losses to significant floating profits. 

The USCF Oil Plus Bitcoin Strategy Fund (WTIB) which provides exposure to both crude oil and Bitcoin (BTC) was up 0.17% in after hours after closing over 3% on Friday. On Stocktwits retail sentiment around WTIB remained in ‘neutral’ territory, with ‘high’ chatter levels over the past day.

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