Hedge funds raised net long Brent crude positions by 65,438 contracts to 351,032, the highest level since February 2020. Bullish positioning in U.S. crude also climbed to an eight-month high as traffic through the Strait of Hormuz was nearly stalled for about two weeks. Volatility gauges rose to their highest level since the Russia-Ukraine conflict, reflecting heightened market tension tied to disruption risks around a key global oil shipping route.