Speculators increase net-long positions in Brent

Money managers and hedge funds have increased their net-long bets on ICE Brent futures in the week to 11 August.

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Speculators bought a little over 76,000 lots as of 11 August, increasing net-long positions in Brent futures to over 240,000 lots.

The surge in net-long positions comes after two consecutive weeks of decline. Gross-long positions in Brent futures increased by a little short of 52,000 lots during the week, according to futures and options data from ICE Futures Europe.

“The increase was primarily driven by fresh long positions,” two analysts from ING Bank said.

The increase in net-long bets comes as hopes of a diplomatic breakthrough between Washington and Tehran continue to falter, keeping navigation through the Strait of Hormuz constrained.

Commenting on the latest data, two analysts from ING Bank said speculative positioning turned more bullish in the previous week, reaching “the largest bullish position since early June 2026.”

Brent crude is currently locked in a precarious balancing act between ongoing assaults on vital energy infrastructure and faint hopes for a peace accord between the US and Iran.

When speculators boost net-long positions, prices typically rise. Conversely, when they reduce these positions, oil prices tend to decline, leading to a cycle where their actions can influence oil prices and the market.  

By Aparupa Mazumder

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