Investors place $760 mn bet on falling oil prices mins before Iran opened Hormuz

Investors on Friday placed a bet worth about $760 million on a falling oil price around 20 minutes before Iran announced that the Strait of Hormuz was open for commercial shipping. The ⁠announcement pushed crude oil prices down as much as 11%. In one minute, investors sold a combined 7,990 lots of Brent crude futures, ​according to LSEG data.