Hedge Funds Turn More Bullish on Brent Oil as Iran Risks Swirl

Hedge funds turned the most bullish on Brent oil since April as unrest in Iran, OPEC’s fourth-biggest producer, revived risk premium in crude prices.

Money managers increased their long-only stance on Brent crude by 85,496 lots to 208,461 lots in the week ended Jan. 13, the highest in nine months, data from ICE Futures Europe show. Long-only bets on West Texas Intermediate also rose to a five-month high, according to the Commodity Futures Trading Commission.