Pierre Andurand’s hedge fund, Andurand Commodities Discretionary Enhanced, posted a 6% gain last week, benefiting from extreme swings in the oil market triggered by the ongoing conflict in Iran, according to a report by Bloomberg citing unnamed sources familiar with the matter.

The fund, which operates without a fixed risk limit, has rebounded after a difficult 2025, when it fell as much as 60% before partially recovering through positions in copper, silver, gold, tin, and carbon permits. Representatives for the firm reportedly declined to comment.

Oil prices spiked nearly 19% last week in London, briefly touching $120 a barrel as tensions disrupted exports from major Persian Gulf producers. Prices later retreated below $90 following comments from US President Donald Trump signalling a potential resolution and plans by several countries to release emergency oil reserves. Brent crude was trading around $91 per barrel as of Wednesday morning.