Hedge Funds Rush Into Oil Long Bets as Mideast Conflict Grows

Hedge funds boosted their bullish position in Brent crude by the most since early October as Israel’s strikes against Iran’s nuclear program imperiled a region that produces around a third of the world’s oil.

Money managers increased their net-long position on the global benchmark by 76,253 lots to 273,175 lots, the biggest gain in eight months, in the week ended June 17, according to figures from ICE Futures Europe. Short-only positions tumbled to the lowest in more than four months.