Interestingly, active Brent options expiring on 26 March show the highest outstanding positions—40,868 contracts—at the $100 call strike, with the premium at $12 a contract as of press time. This implies that the sellers, for now, are baking in a maximum price of $112 until expiry. If crude expires at or below $112 by 26 March, they get to keep the $12 premium paid by the call buyers. If, however, volatility spikes and crude crosses $112, the option seller will face losses, explained Joshi.
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