My opinion: this increase in short positions indicates that hedge funds are betting on a easing of the oil market, with potentially more abundant supply if relations between the United States and Iran continue to improve.

However, when the consensus becomes strongly bearish, the risk of a technical rebound increases. Any minor geopolitical disturbance or an unexpected reduction in supply by OPEC+ could force sellers to quickly buy back their positions.

In the short term, the sentiment remains bearish on oil, but caution is warranted as the energy market remains highly sensitive to geopolitical events. 📉🛢️