CFTC Data Caught Hedge Funds' Biggest Long Book a Day Before Iran's Truce.

Managed money's 220,173-lot peak is dated 16 June, one day before the US-Iran MoU. What followed was covering, not conviction.

Managed money’s 2026 peak long book in WTI was set on June 16, the last CFTC snapshot before the United States and Iran signed a memorandum of understanding that reopened the Strait of Hormuz. Those funds were maximally long into a peace deal. The widely-reported July build that followed was 74% to 87% short covering, and gross longs are still 11.9% below that June peak.