Hyperliquid, a popular decentralized crypto trading exchange, has experienced a surge in oil trading, with the CT-USDC contract seeing a trading volume of $1.32 billion over the last 24 hours. This contract, which tracks a barrel of West Texas Intermediate (WTI) crude oil, surged by as much as 25% after the war between the U.S.-Israel and Iran began on Feb. 28. Most of the traders are diversifying from crypto assets into commodities like oil. The trading of oil has led to Hyperliquid's native token, HYPE, surging 30% to $34.