Abraxas Capital Adds $16M to Oil Short as Crude Jumps on U.S.-Iran Talk Speculation

ChainCatcher reports that Hyperinsight monitoring shows U.S. crude and Brent crude both surged today as market expectations around a potential ceasefire tied to U.S.-Iran negotiations swung repeatedly. Against that backdrop, Abraxas Capital—the two largest addresses on the Brent crude oil chain—boosted positioning over the past hour, adding $16 million in short exposure at an average entry price of about $99.60. After the latest increase, the combined short position stands at $66.4 million, with an average entry price near $103 and an average liquidation price of $140. As oil prices have climbed, unrealized gains have narrowed to $2.2 million from $3 million.