Hedge Funds Hike Bullish Oil Bets to 10-Month High on Iran Risks

Hedge funds turned the most bullish on Brent crude since early April as traders hedged against the risk of a military conflict between the US and Iran and potential supply disruptions from the OPEC member.

Money managers increased their net-long stance on Brent crude by 31,332 lots to 278,249 lots in the week ended Feb. 3, the highest in nearly 10 months, data from ICE Futures Europe show. Bullish bets on US West Texas Intermediate oil also rose to a six-month high, according to the Commodity Futures Trading Commission.