Brent short positions have reached a nearly decade-high Institutional funds like hedge funds are betting on a drop in oil prices. The latest data shows that Brent crude short positions have reached around $18 to $19 billion, significantly surpassing most of the highs in recent years. This figure has more than tripled in the past three months, indicating that funds have been positioning to short Brent oil prices since the start of the war. It also reflects the market's consensus on the decline in crude oil prices. The main reason is the temporary resolution of the U.S.-Iran conflict, with the market predicting that the Strait of Hormuz will remain open. However, as it stands, the short side is already very crowded. Considering the pre-war price of around $70, I personally think it's a bit late to start shorting now.