Wallet Builds $22.08 Million WTI Long During U.S.-Iran Talks

A wallet identified by the prefix 0x9e2c built a $22.08 million long position in West Texas Intermediate (WTI) crude as U.S.-Iran talks continued, creating a sizable leveraged oil position on-chain.

The position was valued at about $21.40 million at the observation, leaving an unrealized loss of roughly $679,000. Its average entry price was $98.14. The $22.08 million figure describes the trade’s exposure, rather than the collateral committed to it.

The trade used a 20x cross-margin setting. Measured against the account’s USDC collateral, its effective leverage was about 10.46x, with an estimated liquidation price of $88.23. The account added to its WTI long as votes were cast and counted in the U.S. midterm elections.

A separate wallet held about $36.95 million in WTI and Brent long positions on Oct. 20.

Qatar is mediating indirect talks between the United States and Iran. The two sides are reviewing proposals, but have not reached an agreement. Iran has sought an end to the U.S. naval blockade of its ports, relief from oil sanctions and the release of frozen funds.