Hedge funds are significantly increasing their bets on Brent crude oil prices rising, reaching the highest level since 2020. This indicates that the market is no longer just verbally concerned about the Middle East conflict but is putting real money into trading the risks of supply disruptions and rising oil prices. For risk markets, this is not just about crude oil; it's also a precursor to rising inflation expectations, a delayed rate-cut path, and reduced risk appetite for capital.