Owners of $100 options are betting that oil prices will hit $100 a barrel towards the end of the year. CL! is down 0.26%.
Having seen oil surge at least 40% this year, the option traders see it gaining momentum as coronavirus restrictions are loosened.
A price of $100 in prices will see oil reach a milestone hit in 2014.
Analysts have cautioned the frenzy around oil hitting $100 a barrel saying the expectations are unrealistic in the pandemic-recovering global economy.
Blue Creek Capital Management CEO Adam Webb still believes U.S recovery could see WTI prices rising to as much as $100 a barrel.
The loosening of coronavirus restrictions has seen oil rise to almost $70 a barrel, the highest since 2018.