Oil trader who made billions for Vitol departs amid losses
Oil trader Yaoyao Liu, who generated billions of dollars for Vitol Group, is leaving the company after 14 years. His departure comes after two years of substantial losses on his team's trading positions, although he had already begun planning his retirement in 2025.
According to Bloomberg, citing people familiar with the matter, the 39-year-old Liu stepped back from day-to-day trading around mid-2026. He now plans to focus on his family and managing his family's wealth.
During his time at Vitol, Liu became known for large-scale trading in oil derivatives. His team managed substantial positions in energy markets, drawing on the resources of one of the world's largest commodity trading firms.
Trading losses amid war with Iran
Liu joined Vitol in 2012 after working at Goldman Sachs. One of the most successful periods of his career came in 2022, when his team reportedly generated more than $1 billion for the company following Russia's invasion of Ukraine.
However, in 2025, the unit's positions resulted in losses totaling hundreds of millions of dollars. Management allowed the traders to keep those positions open, enabling them to recover most of the losses later.
Fresh problems emerged in early 2026 following U.S. and Israeli strikes on Iran. Liu's team was unprepared for the sharp rise in energy prices.
In particular, losses stemmed from a bet on changes in the relative prices of diesel and jet fuel. Amid the conflict, jet fuel prices rose more sharply than the traders had anticipated.
In March, Vitol employees raised concerns with CEO Russell Hardy about the size and concentration of Liu's positions. Some trades were subsequently reduced, while others were transferred to different divisions.
Despite the team's difficulties, Vitol generated approximately $2 billion in profit in the first quarter of 2026. Neither Liu nor company representatives agreed to comment on his departure.
Oil markets face another surge in prices
Liu's departure comes during a period of heightened volatility in energy markets. Military operations in the Middle East continue to affect oil supplies and fuel prices.
The current situation also increases risks for traders holding large derivatives positions. Sharp price movements can quickly turn profitable strategies into loss-making ones.
On October 17, Brent crude oil briefly exceeded $110 a barrel for the first time since May. The latest surge followed intensified attacks near Saudi Arabia's energy infrastructure and growing concerns about the security of global supplies.
U.S. benchmark West Texas Intermediate (WTI) crude also climbed above $100 a barrel. Market participants fear further supply disruptions if the conflict expands.Earlier, we reported that shares of artificial intelligence-related companies plunged as oil prices surged.
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