WTI crude oil prices surged 3.2% during U.S. pre-market trading, reaching $96.40, according to Hyperinsight monitoring. This sharp increase has led to significant unrealized losses for on-chain short positions exceeding $10 million, predominantly held by large investors. The largest on-chain short position, managed by "US and Brent Crude Oil Mainstream Short Sellers" (0x985), involves a 20x leveraged position with an entry price of $90.42. This position, valued at approximately $24 million, has incurred an unrealized loss of $1.43 million due to the recent price rally.