"On Tuesday, oil traders reported Wall Street banks buying put options for 2023 in large size — likely a sign that a big client was in the market hedging oil prices. Don’t misinterpret one day’s price decline as presaging a relaxation of the pressure that’s pushed Brent up by more than 50% in the past year."
https://www.washingtonpost.com/business/energy/talk-of-an-oil-market-recession-is-overblown/2022/07/07/77542fc0-fdb2-11ec-b39d-71309168014b_story.html