Commodities

Option Frenzy From Oil to Corn Highlights Iran War Market Stress

Oil storage tanks at the 76 Terminal in Richmond, California.
Photographer: David Paul Morris/Bloomberg

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By David Marino, Mia Gindis, and Priscila Azevedo Rocha

March 8, 2026 at 2:00 PM UTC

Traders are piling into options as supply disruptions from the war in Iran send oil and other commodity prices soaring.

Implied volatility for oil has jumped to rarely seen levels as producers, airlines and utilities hedge like never before, while that for European natural gas reached the highest since 2023. CME Group Inc. said its energy complex saw record daily volume on Friday, at more than 8 million contracts.