More tension than the Russo-Ukrainian war! The conflict in Iran has ignited bullish sentiment in the crude oil options market.

The current situation in the oil futures market is more bullish than after the outbreak of the Russia-Ukraine war in 2022. This reflects a tense global market as conflicts between Israel and Iran are occurring, with increasing speculation that the US may join the attack. As of Tuesday's closing, the spread between buying Brent crude oil call options (options that profit when oil prices rise) and the opposite put options reached its highest level since 2013. At the same time, implied volatility indicators have also risen sharply as trading volume of options contracts in recent days has been higher than usual. The war between Israel and Iran has raised concerns that the countries' oil export infrastructure could be targeted, potentially leading to a decrease in supply and causing a significant increase in oil prices beyond current levels. On Wednesday, Brent crude oil prices were close to $76 per barrel, reaching their highest level since January of last year when the conflict broke out.