Millionaire trader makes high-leverage bet on Brent oil

After the Pakistan peace talks between the United States and Iran failed last week, there is speculation as to whether the two countries will meet anytime soon.

U.S. President Donald Trump made several Truth Social posts on Apr. 20 and made several claims. Israel didn't talk him into the Iran war, he said, and added its result will be the same as Venezuela.

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What U.S. and Iran are saying

The deal the U.S. will make with Iran will be far better than the Joint Comprehensive Plan of Action (JCPOA), known as the Iran nuclear deal, under former Democrat presidents Barack Obama and Joe Biden, he remarked.

The president claimed if he didn't terminate that deal, Iran would have nuked Israel and American bases in the region. A deal under him will bring peace, security, and safety to Israel, the Middle East, Europe, the U.S., and everywhere else, he further said.

Trump criticized the reportage of newspapers like The New York Times and Wall Street Journal and claimed the U.S. is winning the Iran war. 

The blockage of the Strait of Hormuz will continue until there is a deal, he added.

Iran's Foreign Ministry spokesperson Esmail Baghaei earlier said that they have no plans for the next round of negotiations so far and no decision has been made yet.

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How oil prices rallied during U.S.-Iran war

Oil prices have continued to rally amid the global uncertainty, with the ebbs and flows on price charts reacting sharply to each announcement.

Since Feb. 28 when former Iranian Supreme Leader Ali Khamenei was assassinated by the U.S. and Israel, the WTI crude oil's price has jumped from $67.02 a barrel to $87.70 a barrel today. In fact, the price even hit $113 a barrel on Apr. 7.

Meanwhile, Brent crude oil's price has surged from $72.87 a barre on Feb. 28 to $95.67 a barrel today. On Apr. 7, the price hit $109.27 a barrel.

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Trader opens long Brent Oil position worth $18 million

A crypto trader, who is the largest Solana (SOL) bear onchain, has opened a 3-times-leveraged long position on a Brent oil contract worth $18 million on Hyperliquid on Apr. 19.

Hyperliquid is a decentralized crypto exchange that has become immensely popular among retail traders looking to trade energy futures 24/7.

The exchange, which lets users trade derivatives with high leverage, has become a primary avenue for oil traders. In fact, it attracts a lot of traffic over the weekends when the traditional exchanges sleep.

As per Hypurrscan, the millionaire trader has two open positions:

• 3 times leveraged long position on Brent Oil contract worth $18 million
• 3 times leveraged short position on SOL worth around $22 million

In simple words, the trader is doubtful of the peace talks and is betting on the markets to enter a bear market. In this scenario, the cryptocurrencies such as Solana will crash further, and the Brent crude will rally more.

Over the last 24 hours, the Brent future is the fourth-largest trade on Hyperliquid with a 24-hr trading volume of $346 million. It was trading at $90.31 a barrel at press time.

Solana, with a trading volume of $202 million, is the seventh-largest trade on the exchange. The cryptocurrency was trading at $85.86 at press time.

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