Given the parabolic moves in oil, i find it risky to go long the underlying at these levels. I was thinking it would be wiser to put on a vertical spread on USO. ie. sell the 110 august puts @ 5.70 & buy the 100 august puts @ 2.44. But I still don't like the risk / reward ratio on the trade. Furthermore, the profits are capped in the likely scenario that the commodity goes even higher. Any ideas with option strategies that might help profit from the continuing rising prices while limiting downside risk? If you find it better to trade options on another vehicle instead of USO, feel free to post your ideas. Thanking all of you in advance.