Wu Shuo has learned that, according to FRED data, the CBOE Crude Oil ETF Volatility Index has surged past 120, reaching a new high since the negative oil price crisis in 2020. Crude oil volatility is mainly driven by conflicts in the Middle East and supply risks through the Strait of Hormuz, with oil prices also briefly rising above $100 . Notably, Hyperliquid became one of the main trading venues for crude oil during weekend sessions.

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