Oil just surged after CENTCOM struck Iran, is anyone actually positioned for this or did everyone get washed out on the dip?

Vance's comments on May 28 fueled optimism around a potential US-Iran deal, helping push oil lower as traders priced in de-escalation and a possible reopening of Hormuz. But renewed military action and uncertainty around negotiations have since reversed part of that move. Brent is back around $95 and WTI near $92 after a sharp rebound from last week's lows. The market keeps swinging between "deal incoming" and "conflict escalating" narratives, and that uncertainty is now driving oil more than fundamentals.

The question isn't whether oil is going to be volatile. It's whether your energy allocation accounts for the possibility that this conflict escalates further before any real deal materializes. Because right now the market is pricing a ceasefire that doesn't exist