Brent Oil Jumps on Gulf Tensions, Speculators Trim Longs: ING

Brent crude oil prices have risen sharply as geopolitical tensions escalate in the Persian Gulf and transit through the Strait of Hormuz slows, according to ING analysts Warren Patterson and Ewa Manthey.

Despite the price gains, speculators have trimmed their net long positions in ICE Brent futures, the analysts highlight, indicating caution even as supply concerns mount.