Oil prices fell by 15%-20% following a two-week ceasefire agreement between the U.S. and Iran, leading to the reopening of the Strait of Hormuz. Despite the price drop, the WTIOIL-USDC market on Hyperliquid saw a significant increase in trading activity, with a 24-hour volume reaching $2.4 billion. This surge made WTIOIL-USDC the second most traded asset on the platform, trailing only Bitcoin. The spike in WTIOIL trading also boosted the HIP-3 market's share of Hyperliquid's total trading volume to 47%, highlighting the market's growing prominence amid geopolitical developments.