Traders Bet on $250 Oil as Geopolitical Tensions Stoke Market Uncertainty

• Traders place bets on $250 oil amid geopolitical uncertainties, snapping up 3 million barrels worth of options contracts • Trades seen as a long shot "lottery ticket" paired with $25 put options • Premiums for bullish calls over puts hit highest levels since October amid Israel-Iran tensions • Oil prices trade down Tuesday after Fed Vice Chair warns of tight monetary policy if inflation doesn't slow • Markets await Israel response to Iran attack to gauge further risk premium for crude oil