Traders Bet on $130 Oil as Middle East Tensions Spike

Some traders are betting this week that oil prices could hit $110-$130 in November as Middle East risks reached a boiling point amid escalating tensions between Israel and Iran. Oil prices rallied on Tuesday and Wednesday, and were also rising on Thursday morning, following the news of Israel assassinating Hamas’s political leader Ismail Haniyeh in Iran and a senior Hezbollah official in Lebanon. Brent Crude prices soared past the $80 a barrel mark this week as tensions in the Middle East flared up again, with Iran vowing to retaliate for…