Traders on Friday exchanged the most $80 West Texas Intermediate (WTI) crude oil call options since January, expecting more upside to prices after Israeli airstrikes on Iran sparked fears of a wider Middle East conflict.
Call options grant the holder a right to buy futures contract at the preset price and date, and a rise in volumes can help gauge market sentiment.
About 33,411 contracts of August-2025 $80 call options for WTI crude oil were traded on Friday on a total trading volume of 681,000 contracts, marking the highest volume for these options this year, according to CME Group data.
The last time trading was this high for $80 call contracts was on January 10, with 17,030 February-2025 $80 call options traded on a total trading volume of 301,866 contracts.
Oil prices jumped on Friday and settled 7 per cent higher as Israel and Iran launched air strikes, feeding investor worries that the combat could widely disrupt oil exports from the Middle East.
U.S. West Texas Intermediate crude finished at $72.98 a barrel, up $4.94, or 7.62 per cent. During the session, WTI jumped over 14 per cent to its highest since January 21 at $77.62.
