Investors are piling into options bets on surging oil, with some expecting prices to barrel past $200 this month

• Some investors are betting on oil to surge even more dramatically, as bullish bets on crude futures increase.
• Since Friday, $150-a-barrel call options for Brent contracts in June have doubled.

Even after oil prices touched $130 overnight, investors are betting that the run-up could be even more dramatic as they pour into call options.

Bullish bets on oil are flooding in — call options for higher prices increased Monday, with more than 1,200 contracts calling for May Brent futures to hit $200 a barrel expiring at the end of March, per data from ICE Futures.

Additionally, the data revealed that $150-a-barrel call options for Brent contracts in June have doubled since Friday.

Over the weekend, the price of oil hit its highest point since 2008 as Western nations considered placing new sanctions on Russia's energy exports. In 2008, oil prices recorded all-time highs when they surpassed $147 a barrel.

The Biden administration has refrained from placing direct sanctions on Russia's energy exports, but many oil traders have shunned dealing in Russia anyway.

An oil an embargo would be more formal, and place pressure on global markets. But on Monday, some European countries played down the possibility of an embargo, and oil prices pared some gains.

The crisis in Ukraine continues to rattle investors and economies. Commodities in particular have been jolted as Russia and Ukraine in are players in energy, grains and metals.

Nickel prices in London logged a record surge on Monday amid escalating concerns that production in Russia will be disrupted in the wake of Moscow's invasion of Ukraine.