Oil traders are increasingly turning to the options market to hedge against rising geopolitical risks stemming from renewed tensions in the Middle East. On Wednesday, over 300,000 lots of Brent crude oil call options were traded, marking the highest one-day volume since April. The surge in options trading reflects heightened concerns as Israel and Iran face escalating confrontations. Market analysts suggest that traders are now betting on Brent crude prices potentially reaching $130 per barrel as the situation develops. This uptick in trading activity comes amid a broader context of uncertainty regarding OPEC+ dynamics and regional stability.