Oil prices surged above $80 per barrel on Monday, driven by escalating tensions in the Middle East and concerns over potential supply disruptions in the Gulf of Mexico due to an incoming hurricane, prompting hedge funds to begin adjusting their positions, according to a report by the Financial Tines.

The report cites ICE data as revealing that funds reduced their short positions against Brent crude and increased their long holdings in the week ending 1 October, at the start of last week’s rally, which saw the benchmark put on 8% — the largest weekly gain since January 2023 — following Iran’s missile attack against Israel.

Computer-driven funds though, which typically follow market trends, were likely still positioned against oil as of Thursday, according to a model portfolio from Société Générale.

Brent crude jumped another 3.7% on Monday to close at $80.93 a barrel—its highest level since August, with oil prices now having risen nearly 20% since hitting a year-to-date low in early September.