Hedge Funds Piled Into Bearish Oil Bets Ahead of US-Iran MOU

A pipeline runs between oil storage tanks at the Cushing crude oil storage terminal in Cushing, Oklahoma, US, on Thursday, June 18, 2026. Inventories at the US's largest commercial crude oil storage hub in Cushing, Oklahoma, have fallen to the lowest since 2014, to about 20 million barrels, as surging exports during the Iran war drain supplies in America. Photographer: Nick Oxford/Bloomberg