Reducing risk is a form of gambling. You're just betting on the "please don't" rather than the "please do".
The point is always the same, you want to end up better off than others that didn't buy what you bought.
If the oil futures purchase turns out to have been worthwhile because price went up due either to production going down or demand up, that doesn’t somehow create new oil. You just get to buy it cheaper than others. You coulda yoloed on spy puts and used that money to buy the more expensive oil at market prices and it's all the same. But you call one gambling and another not gambling, idk, it's all similar to me.