(Bloomberg) -- Oil traders piled into more than 3 million barrels worth of options contracts in a bet that prices would spike to $250 a barrel by June as geopolitical risks remain elevated.

About 3,000 lots of June $250 call options in US crude traded for a penny each on Tuesday, according to data compiled by Bloomberg. It was likely a “lottery ticket” that might pay off if prices spike to unheard of levels by the middle of next month, although the trade appeared to be paired with $25 put options, which could also signal a broader macroeconomic strategy, some traders and brokers said. 

Volumes of bullish oil options have skyrocketed to a record, driving the premium for calls over puts jumped this week to the highest since October, as Israel vows to retaliate following Iran’s missile and drone attacks over the weekend. 

US crude futures have rallied above $85 and Brent is trading near $90 as worries that the conflict will widen are heightened by a backdrop of tight supplies and robust demand. 

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