Tokenized Brent oil futures on Hyperliquid accounted for $46.6 million of the $403 million in total liquidations over the past 24 hours, making oil the third-largest liquidated asset behind ether at $104.5 million and bitcoin at $98.3 million. The single largest liquidation was a $17.17 million Brent oil position on the Hyperliquid platform, not a bitcoin or ether trade. The liquidations were triggered by President Trump's national address, which promised to hit Iran "extremely hard" rather than offering the deescalation that had fueled a two-day rally. The BRENTOIL-USDC contract on HyperLiquid traded at $107.19, up roughly 2% on the day, with $977 million in 24-hour volume and $515 million in open interest.