Hedge funds turned increasingly bullish on oil, pushing net-long positions in Brent crude to their highest level in almost two years ahead of the joint US-Israel attack on Iran, according to a report by Bloomberg citing data from ICE Futures Europe.
The data shows that money managers lifted their net-long exposure to Brent by 57,766 contracts to 320,952 lots in the week to 24 February, the strongest positioning since April 2024.
Bullish bets on West Texas Intermediate also climbed to a seven-month high, according to figures from the Commodity Futures Trading Commission.
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