Perpetual futures linked to crude oil jumped on Hyperliquid amid fears that the US-Iran war will escalate in the near term. West Texas Intermediate (WTI) soared to $82.2, with the 24-hour volume hitting $157 million. Brent futures soared to $87, up by 25% from its lowest point in June.Crude Oil Prices Jump Amid Fears of US-Iran EscalationEnergy prices are trending higher following reports that the United States and Iran are escalating their attacks. The US carried out another round of strikes on key Iranian targets, including a desalination plant and several bridges. President Trump has also warned that the US will target bridges and power plants next week. According to Axios, the administration has also deployed additional aerial refueling aircraft to Israel.The implications of all this is that traffic through the Strait of Hormuz has waned in the past few days. Data shows that only 10 ships crossed the Strait in the last 24 hours, with 444 others waiting. Oil companies are afraid of coming under Iranian attacks. All this is happening at a time when oil inventories are falling in the US and other countries. A report by the Energy Information Administration (EIA) showed that inventories dropped by 1.7 million barrels last week. This drawdown was higher than the expected 900,000. Energy executives have warned that the market is close to running on empty, especially if China resumes its large-scale buying. One oil trader told the FT that: