Pierre Andurand’s flagship hedge fund, Andurand Commodities Discretionary Enhanced, surged roughly 20% in the first half of March, fuelled by bullish positions on crude oil amid heightened Middle East tensions, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as saying the the performance lifted the fund’s year-to-date return through 13 March to around 19%. The firm reportedly declined to comment.

The rally in Brent crude came as a joint US-Israeli strike on Iran disrupted tanker flows from the Persian Gulf, driving Brent prices to $119.50 per barrel on 9 March – the highest level since mid-2022.

Commodity markets have remained volatile since, with prices dipping after signals from US leadership and releases from strategic oil reserves, then rebounding as regional energy infrastructure faced further threats. Brent traded near $110 per barrel later in the month.

The strong start represents a rebound for Andurand, whose Discretionary Enhanced fund lost 40% last year. Early in the conflict, the fund posted a 6% gain in a single week, navigating swings that caught many other hedge funds off guard.