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## Overview Energy trader Pierre Andurand's largest hedge fund plunged about 52% in the first half of April 2026, wiping out first-quarter gains that had been made on bullish oil bets placed at the start of the Iran war (Bloomberg, April 23). ## Key Details - The losses were reportedly driven by the ceasefire hurting Andurand's oil bets, reversing gains from earlier bullish positioning during the initial escalation of the Iran war (Bloomberg, April 23). - The scale of the reversal — a 52% decline in roughly two weeks — illustrates the extreme volatility of oil markets amid rapidly shifting war/ceasefire dynamics in 2026. ## Why It Matters Andurand's swing from war-driven gains to ceasefire-driven losses is a case study in the risks of macro trading strategies tied to geopolitical event volatility. It also serves as a market signal: sophisticated, well-resourced energy traders are struggling to correctly time an oil market whipsawed by repeated ceasefire announcements, violations, and renewed hostilities (see Ceasefire Fragility as a Market Asset Class). This has implications for hedge fund risk management, investor redemption behavior, and broader oil market sentiment. ## Watch For - Fund investor redemption requests following the loss. - Andurand's subsequent repositioning as the Iran war/ceasefire situation evolves. - Whether other macro/commodity funds report similar losses tied to ceasefire volatility.