Open interest for Brent crude oil futures and volumes of options traded on the Intercontinental Exchange (ICE) hit record highs last week, driven by rising volatility in the oil market due to conflict in the Middle East. Brent serves as a bellwether for global oil markets and a barometer for 75% of globally traded crude. ICE Brent reached a record open interest of 6.4 million contracts on Oct. 18, surpassing the previous record in April 2020. Total oil options traded saw a record volume of more than 593,800 contracts on Oct. 15.