Hedge Funds Flock to Oil Bets as US-Iran Tensions Spike
Hedge funds have increased their bullish bets on oil to levels not seen since May, fueled by rising tensions between the US and Iran.
The net-bullish positions on Brent crude, a global benchmark, rose by 37,837 to 261,435 in the week ending September 1, according to weekly ICE Futures Europe data. This is the highest level of bullish bets in just over three months.
In related news, net-long bets on US oil have reached their highest point since June, as reported by the Commodity Futures Trading Commission.