Blockchain oracle network Pais has announced what it calls the first continuously updated crude oil composite index designed to fill the price gap left by traditional commodity markets that operate on fixed trading schedules.
The Pyth 24/7 Oil Index aggregates both on-chain and off-chain data from institutional trading desks and exchanges during normal hours and from decentralized derivatives exchanges during nights, weekends, and holidays. The goal is to eliminate stale reference prices during periods when traditional benchmarks, such as NYMEX WTI futures, stop updating.
The announcement comes amid extreme volatility in global energy markets. The joint US-Israeli airstrike on Iran and subsequent Iranian retaliation immediately caused oil and gas prices to soar and increased volatility in financial markets.
The suspension of tanker traffic through the Strait of Hormuz and attacks on oil infrastructure in the region have had a major impact on global supply chains. About 20% of the world’s oil passes through the Strait, and disruptions there pose a systemic risk to global energy prices.
Pais noted that on-chain commodity trading has exploded with the crisis. During the recent spike in volatility, Hyperliquid alone processed over $1 billion in perpetual trading volume of WTI crude oil per day. This is primarily an activity carried out outside the traditional market framework.
Pyth’s oracle model allows institutional trading firms and market makers to publish their price data directly to the network, providing a comprehensive view of liquidity across both traditional and decentralized exchanges.
The Oil Index is the first in a planned series of unique always-on indices across commodity, macro, and cross-asset categories.
