(Bloomberg) President Donald Trump’s reintroduction of U.S. sanctions on Iran didn’t impress money managers who reduced their bullish oil bets in the week leading up to the announcement. Trump’s May 8 statement that the U.S. will quit the Iran pact and boost sanctions against OPEC’s third-largest producer turned out to be anticlimatic. Oil prices, which surged to a three-year high in anticipation of the new sanctions, moved very little the rest of the week. As prices stabilized, hedge fund wagers on further gains fell to the lowest in four months.
No Trump Bump on Iran as Hedge Funds Stay Cautious on Oil Boost
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