I was originally planning to short crude oil. Opened Binance, found CL, and saw the funding rate was negative. It’s been negative since the 31st, lasting 4 consecutive days. Just checked WTI speculative net positions, and it’s still net long—no signs of extreme short squeezes. In other words, the recent shorts are mostly retail traders selling, not big institutions shorting. Right now, those shorting are mainly betting on two things: 1. The conflict won’t escalate significantly (might even de-escalate). 2. High oil prices can’t be sustained long-term, and demand will eventually collapse. If the conflict escalates further and the strait is completely blocked, shorts will suffer badly too. Oil prices are currently in a high-volatility, high-uncertainty phase. Shorting carries significant risks, but I don’t think crude will hit $100. I’ll consider shorting around $95.