Mideast Strife Sends Oil Bets to New High
- Mideast tensions lead long positions on Brent to pile higher
- Volatility has returned, surging to the highest since February
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Hedge funds have never been so invested in the global oil rebound.
Their bets that Brent crude futures will climb reached a new high as growing tensions across the Middle East are putting almost half of the world’s supply at risk. The escalation of strife in the region sent the key crude benchmark to its highest in more than three years, while volatility surged.