(Bloomberg) -- Money managers hiked bullish wagers on Brent crude to the highest since October 2021 as geopolitical risks in the Middle East escalated. 

Money managers increased their net-long Brent positions by 4,100 to 303,935 in the week ending April 9, weekly ICE Futures Europe data on futures and options show.

The conflict in the Middle East continued to intensify with Israel increasing preparations for an attack from Iran in retaliation for its strike on the country’s diplomatic compound in Syria. Markets fear the development could threaten major disruptions in a region that accounts for a third of the world’s crude output. As of Friday, Brent futures rallied above $92 to the highest intraday price since October 2023 before paring back gains.

Meanwhile, money managers also increased their bullish bets on US crude to six-month highs.

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