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Hedge funds are increasing their bets on rising oil prices amid escalating conflict between the U.S. and Iran, with Brent crude net long positions reaching a three-month high.
As the latest round of conflict between the US and Iran escalates, market concerns are rising over potential long-term disruptions to energy shipments through the Strait of Hormuz. For the week ending September 1, fund managers increased their net long positions in Brent crude by 37,837 contracts to 261,435 contracts, the highest level in over three months. Meanwhile, US retail diesel prices hit a new record high of $5.85 per gallon on Thursday. Brent crude futures rose 0.35% on Friday, gaining 8.8% for the week, to settle at $95.85 per barrel.
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