Traders bet high oil prices will persist this month. The January 31st $40 call option onBP (BP), saw a 16-fold rise in volume, going from 186 open contracts to nearly 3,000 contracts trade hands. The bet, with shares of BP trading right around $40, will pay off should oil prices continue to trade higher and the energy company goes with it. The call buyer paid about $0.76, or $76 per contract, so BP shares would need to trade to $40.76 to profit at expiration in 24 days. Given the short-term, at-the-money nature, this looks like a hedge trade—if oil prices continue to rise on geopolit...