Oil Bets Are Most Bullish in Two Years as Mideast Tension Flares.

Oil futures experienced a significant increase in value last week, with the options market also seeing a surge in activity. Concerns over a potential price spike led to a rise in call skew on second-month West Texas Intermediate futures. Traders who had previously taken bearish positions on crude oil reversed their positions due to escalating tensions in the Middle East, leading to increased demand for insurance against price surges. Traders also purchased December calls on Brent crude, betting on oil reaching $100 or higher. The bullishness in the oil market has exceeded that of producers, who may only benefit if prices remain high for an extended period. [Extracted from the article]