Business
How the Oil Trade Rippled Across Wall Street in a Chaotic Week
Shaia Hosseinzadeh bet that a war in the Middle East would upend global markets.
This was the week his wager paid off.
His OnyxPoint Global Management had already been snapping up shares in liquefied natural-gas companies, rare-earth firms and energy producers when missiles and drones started to fly to and from Iran. Wall Street’s initially sanguine response to conflict, Hosseinzadeh said, “gave us more conviction to lean in to the trade.”
Just last month, when the hedge fund founder was discussing opportunities and risks ahead with investors at the Ritz-Carlton South Beach in Florida, U.S. oil prices had largely languished below $65 a barrel for months. Some forecasters projected more declines to come, leaving oil bulls on the outside looking in. But as U.S. warships massed near the Middle East and rumors swirled of huge trades for pricier oil, Hosseinzadeh saw one risk that loomed large.
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