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BlockBeats News, on July 1, according to Hyperinsight monitoring, WTI crude oil fell back below $69. Hyperliquid's largest WTIOIL long whale (0x007d) faced two large-scale liquidations within about one hour, with a total of 180,000 contracts liquidated at an average forced price of approximately $68.35, resulting in a loss of about $3.463 million. This whale originally held a 20x leveraged WTIOIL long position with an average entry price of $87.59 and a liquidation price near $68.56. In the first partial liquidation, 36,000 CL were liquidated with a loss of about $690,000. Afterwards, the remaining 144,000 CL were fully liquidated, resulting in a loss of about $2.773 million. Based on margin estimate at entry, the final loss on this position exceeded the principal by roughly 410%. This long position’s liquidation threshold was set at the oil price level before the US-Iran conflict. Based on contract prices, on February 28, the US-Iran conflict began with initial air strikes and oil price was about $68.5 that day, later surging to nearly $118 on geopolitical risk, a rise of about 72%. This whale did not close the position at the high point. As crude oil kept dropping from the highs, it was eventually forcibly liquidated by the system near $68.35, giving back all gains since February 28. The price is currently around $68.8. Onchain data shows major WTI crude oil holders are clearly positioned net short. The nominal short position at million-dollar scale is about $61.46 million, 2.32 times the long side's $26.46 million; the average long entry price is about $84.27, so overall long positions are already deeply underwater.

On July 1, according to market news, Saudi Aramco has sold millions of barrels of crude oil in the Asian spot market.

Three Norwegian unions representing offshore drilling platform and floating installation workers entered national mediation on Wednesday, aiming to avoid a potential strike from Friday. The labor agreement covers approximately 7,500 workers.The unions stated that initially, over 600 members would participate in the strike, with the potential for further escalation. The first facilities to be affected include Transocean's Encourage drilling platform, Odfjell Technology's Linus platform, AKOFS Seafarer well intervention vessel, and Equinor's Gullfaks B platform.The Gullfaks oil field is expected to produce about 22,900 barrels of oil equivalent per day in 2025. Norway's daily oil and gas production is around 4 million barrels of oil equivalent, but the specific impact of the strike on total output remains unclear.In 2018, a 10-day strike by floating installation workers led to the suspension of production at the Shell Knarr oil field. This dispute has continued to escalate; the employer has previously halted work affecting about 1,000 workers and warned of possible production impacts.The Norwegian government has the authority to intervene and halt labor disputes that threaten significant national interests. However, the Ministry of Labour has not taken action so far. The mediation process and the extent of differences between both parties will be key variables in determining whether a strike occurs on Friday.