Bulls have surged into the U.S. crude oil options market in recent days as futures touch highs not seen in a decade, betting that crude’s rally will persist, according to analysts and exchange data. The global oil market was already tight even before Russia invaded Ukraine last week, which has since sent benchmark Brent and U.S. West Texas Intermediate (WTI) crude futures soaring over 15% to around 10- and 14-year highs, respectively. The United States and allies imposed sanctions on Russia that, while not explicitly targeting Russia’s daily exports of 4 million to 5 million barrels, has severely hampered its ability to sell its crude. Russia’s exports account for roughly 8% of the global oil market, trailing only Saudi Arabia. read more Traders see an opportunity to […]