---
title: "Trader Closes Oil Short Positions Amid Market Fluctuations"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285652287.md"
description: "On May 8, trader 'Loracle' from Hyperliquid closed short positions on WTI and Brent crude oil, totaling $20 million and yielding a profit of $3.1 million. WTI closed at $90 and Brent at $98. Following these transactions, tensions in the Strait of Hormuz increased, leading to a rebound in oil prices."
datetime: "2026-05-08T02:23:36.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285652287.md)
  - [en](https://longbridge.com/en/news/285652287.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285652287.md)
---

# Trader Closes Oil Short Positions Amid Market Fluctuations

On May 8, a well-known trader from Hyperliquid, identified as 'Loracle,' closed short positions on both WTI and Brent crude oil near recent lows, according to BlockBeats On-chain Detection. The total position size was approximately $20 million, resulting in a profit of around $3.1 million. The closing price for WTI crude oil was about $90, while Brent crude oil was closed at approximately $98, both at low levels for the period. Shortly after these transactions, tensions in the Strait of Hormuz escalated, causing oil prices to rebound within the day.

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