The number of financial bets on crude oil prices hitting $200 before the end of this year have spiked almost 40 per cent since the start of May, a further sign of growing concern that oil prices will continue to rise sharply in the near term.

The strong buying of these call options – contracts that give holders the right to buy crude oil at a predetermined price and date – comes as spot oil prices in New York on Thursday hit a fresh record high of almost $124 a barrel.