US Oil Bulls Boost Bets Amid Iran Supply Disruptions

Hedge funds have increased their bullish bets on US oil at the fastest pace since March, driven by supply disruptions from Iran to the Red and Black Seas.

The hike in bullish bets was led by the Iran war, as well as renewed attacks from Iran-backed Houthi militants on Saudi crude shipments through the Red Sea.

These attacks have made the route an increasingly important alternative for Saudi exports, as disruptions in the Strait of Hormuz persist.

Additionally, fresh attacks on tankers loading crude at the Caspian Pipeline Consortium terminal on Russia's Black Sea coast have compounded supply worries.