Crude Oil Futures Plunge Over 9% Overnight, Over 120,000 Crypto Traders Liquidated on May 24

According to Guru Club, crude oil futures plunged over 9% overnight on May 24 Beijing time, with both WTI and Brent crude sliding sharply by 5:20 UTC. In response, major cryptocurrencies surged; Bitcoin rose 1% to $76,655, while over 120,000 traders faced liquidations across crypto markets in the prior 24 hours.

The selloff in oil followed remarks from U.S. President Trump on May 23, who announced via social media that the U.S. and Iran have reached a preliminary agreement on core terms, pending final approval from both nations and relevant Islamic countries. Trump added that the Strait of Hormuz is expected to open as part of the agreement.