Oil traders are making big bets..ooh, no...not really so

🛢🔴Oil traders are making big bets amid geopolitical uncertainties! 3 million barrels worth of options contracts were snapped up by speculators, with 3,000 lots of June $250 call options in US crude oil trading for just 1 cent each. Is this a Hail Mary or a well-calculated move?🤔
(Source: bloomberg.com/news/articles/2024-04-16/oil-traders-wager-on-250-price-by-june-as-war-risk-escalates).

The headline is very clickable, however let's look at the actual data from the exchange.

It is evident that 25 putts were traded at the same time.

This raises the question of whether oil prices will decline further or if we are facing a similar situation to March 2020. It is unclear what the player's expectations are and whether this is related to foreign policy or part of an arbitrage strategy.