Several commodities-focused hedge funds, including RCMA Capital's Merchant Commodity Fund posted strong returns last week as market turbulence linked to the Iran conflict created trading opportunities, even as larger multi-strategy firms faced losses, according to a report by Bloomberg.

The fund, run by Doug King, returned 9.5% in the week through 6 March, pushing year-to-date gains to roughly 20%, after profiting from positions across European gas, base metals, coal, oil and agriculture.

Miami-based Statar Capital meanwhile, led by Ron Ozer, gained 6.25%, recouping part of February losses. Known for high-conviction natural gas trades, the $2.7bn fund benefited from the energy supply uncertainty created by the conflict.

Another winner was Energy-focused Saber Capital, founded by Steve Barclay, with a 6.7% gain last week, lifting 2026 returns to 12%. The $350m fund manages separately managed accounts, including capital from New Holland Capital, and is preparing a commingled hedge fund launch.

Markets have been rattled as shipments through the Strait of Hormuz remain constrained. The International Energy Agency called it the largest supply disruption in oil market history, warning of an 8 million barrels per day drop this month. Brent crude climbed to near $100 a barrel from $72 at the end of February, while European gas prices posted their largest weekly rise since 2022.

The volatility has divided fortunes in the sector. Pierre Andurand’s fund rose 6% last week, while the PIMCO Commodity Alpha Fund fell roughly 17% this month. Multi-strategy giants including Balyasny Asset Management, Citadel and Millennium Management struggled amid the market swings.