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 its highest premium over Brent in at least a decade. The reason? Buyers that once relied on Russian oil are scrambling for alternatives, and many are turning to the Middle East. With demand soaring, Middle Eastern oil prices are climbing faster than crude from other regions. That’s creating ripple effects across the market. European refiners, who might typically buy oil from the North Sea or Kazakhstan, are seeing their usual supplies rerouted to Asia instead. Asian refiners, eager for stable and competitively priced barrels, are snapping up whatever they can get–from wherever they can get it. For traders, Russian sanctions and Trump’s squeeze on Canada and push on OPEC is a […]