On Sunday, President Trump warned Iran that time is growing short, as negotiations to de-escalate tensions between the U.S. and Iran have stalled and oil prices remain high, staying above $100 a barrel.
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Key Takeaways:
- Trump warned Iran on Truth Social on May 17, 2026, after a call with Netanyahu, adding pressure to stalled ceasefire talks.
- Hyperliquid oil perps xyz:WTIOIL and xyz:BRENTOIL topped $102 and $106, with combined open interest above $481 million.
- Trump convenes the Situation Room on Tuesday to weigh military options if Iran fails to reopen the Strait of Hormuz.
- Bitcoin hit an intraday low of $76,690 amid the U.S.-Iran war talk escalation.
Oil Prices Stay Above $100 as Trump Warns Iran Time Is Running Out on Ceasefire Deal
Trump posted the statement on Truth Social following a phone call with Israeli Prime Minister Benjamin Netanyahu. His exact words: “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!”
As a researcher following the situation, I’ve been tracking the ongoing conflict that began in late February 2026. It started when the U.S. and Israel launched Operation Epic Fury, aimed at Iran’s nuclear facilities. Fortunately, a ceasefire was negotiated by Pakistan on April 8, 2026. It was originally meant to last just two weeks, but it’s been repeatedly extended as we continue to try and reach a resolution through indirect talks – though progress has been very slow.
The current truce is unstable. A drone recently struck the Barakah nuclear plant in the UAE, starting a fire. Thankfully, no radiation was released and no one was hurt, but the event highlighted how easily things could escalate. Former President Trump has stated the truce is barely holding on.
Talks have stalled due to disagreements. The United States is asking Iran to get rid of about 400 kilograms of highly enriched uranium, restrict its nuclear facilities, and allow free passage through the Strait of Hormuz. In return, Iran wants all sanctions lifted, its frozen funds released, compensation for past damages, and official acknowledgment of its control over shipping in the Strait of Hormuz.
President Trump has dismissed previous responses from Iran as unacceptable. He’s expected to meet with his national security team on Tuesday to consider how to respond, including the possibility of military action. A major concern is the Strait of Hormuz, a vital waterway for oil tankers. Normally, around 20 to 30 percent of the world’s oil shipped by sea passes through it.
Ever since the conflict started in late February, shipping through this key route has decreased dramatically, causing energy prices to rise worldwide. This has led to a limited global oil supply, increased shipping and insurance fees, and average U.S. gasoline prices of about $4.51 per gallon in recent weeks.
Brent crude closed at $109.12 on May 15, a gain of 2.36% on the day. WTI futures settled at $102.27, though they slipped 2.99% in the latest session as of Sunday evening. On Hyperliquid, traders watching around-the-clock oil perpetual contracts saw WTI (xyz:WTIOIL-USDC) trading at $102.48 with a 24-hour volume exceeding $77.8 million and open interest above $158 million.
Brent (xyz:BRENTOIL-USDC) held near $106.14 with open interest above $324 million. Both contracts moved on the Trump statement, briefly spiking before settling near current levels, consistent with intraday charts showing elevated volume candles around 18:00 GMT.
Hyperliquid’s oil perp markets have drawn significant attention in 2026 as traders seek 24/7 access to energy price exposure that traditional futures exchanges cannot provide outside normal hours. Volume has reached $1 billion-plus on single days during peak conflict volatility.
Trump has previously suggested a deal could send prices “drop like a rock.” No deal is in place. Some limited ship traffic has resumed through the Strait under Iranian coordination, but full reopening remains a central sticking point. Reporting from Iran’s Fars News Agency claims cargo ships can pay for safe passage insurance using bitcoin.
Market concerns aren’t limited to the situation in the Strait of Hormuz. Tensions remain high with Israel indicating it will restart attacks if the current truce ends. The U.S. Navy continues to operate in the Gulf region. Iran has threatened retaliation if negotiations fail. Recent talks between President Trump and China’s Xi Jinping didn’t lead to any breakthroughs in pressuring Iran to reach an agreement regarding the Hormuz Strait.
Bitcoin Plummets to an Intraday Low of $76,690
Bitcoin traded at $77,227 per unit on Sunday evening just after 8 p.m. ET, down 0.90% over 24 hours, as the daily Bitstamp chart showed price pulling back from a recent high of $82,833 toward the $78,000 area. The current candle structure reflects several consecutive red days after that peak, with BTC now sitting roughly $5,400 below its recent top. Ethereum fell 2.38% to $2,127, Solana dropped 1.55% to $85.18, XRP slid 1% to $1.39, BNB lost 1.27% to $647, and Dogecoin shed 0.74% to trade at $0.1085.
One outlier in the top 10 was Hyperliquid’s native token HYPE, which climbed 8.36% over 24 hours to $45.39 despite broader market softness. The move comes as Hyperliquid’s oil perpetual markets draw sustained trader attention amid the U.S.-Iran conflict, with WTI and Brent contracts logging tens of millions in daily volume. HYPE’s gains suggest traders are rotating into the platform’s native token as activity on the DEX picks up during periods of geopolitical volatility.
Investors are still factoring in the possibility of things getting worse. Until shipping through the Strait is completely restored and a lasting solution is reached, energy traders don’t anticipate prices going down significantly.
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2026-05-18 03:28