Traders Go All-In on Middle East Oil as Sanctions Reshape Market

Oil traders are making big moves in the Brent-Dubai spread, a contract that lets them bet on the price gap between Middle Eastern crude and global benchmark Brent. The action has hit record levels, thanks to U.S. sanctions on Russian oil that are forcing buyers to look elsewhere for supply, with the situation presenting a lucrative opportunity for traders willing to play. This week, open interest on the Brent-Dubai contract surged to an all-time high of 448,000 contracts, Bloomberg stated on Thursday. That spike comes as Dubai crude recently hit…