Hedge funds increased their bullish bets on crude oil to the highest level since August. This shift came as supply disruptions hit the Black Sea region and uncertainty grew over U.S. policy toward Iran, a major global producer. Traders are positioning for potential price spikes.

The move reflects heightened concern about geopolitical risks that could tighten the market. With crude prices already volatile, fund managers are betting that disruptions in key export corridors will outweigh any increase in global demand. This positions the energy sector for continued volatility.

Investors will watch for concrete developments in Iran nuclear talks and Kazakh pipeline operations. Any official policy shift or prolonged outage could trigger further price action. The market is pricing in a risk premium that may persist until these supply threats are resolved.