A team led by a star trader at Vitol, the world’s biggest oil merchant, took a several hundred-million dollar hit early in the Iran war after bets in the petroleum market went awry, people familiar with the matter said. Yaoyao Liu is legendary in the close-knit trading industry for his huge, often lucrative, wagers on energy derivatives for Vitol. His trades are so big, executives at rival firms have tried to figure out what they are. Among the lossmaking wagers some suspect: bets that diesel prices would rise relative to jet fuel, and that Dubai crude would fall in price…
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