Traders went on a buying spree for call options on Friday, optimistic about WTI crude oil reaching $80

After Israel's airstrike on Iran, traders have been buying a large number of crude oil call options, betting that oil prices will continue to rise to $80.

Data from the Chicago Mercantile Exchange shows that on Friday, June 13, the trading volume of WTI crude oil call options expiring in August 2025 with a strike price of $80 reached 33,411 contracts, setting a single-day record since January of this year, while the total trading volume in the crude oil options market that day soared to 681,000 contracts.

This marks the first occurrence of such a large-scale trading of $80 call options since January 10. On January 10, the trading volume of $80 call options expiring in February 2025 was 17,030 contracts, with a total trading volume of approximately 302,000 contracts.

The influx of capital indicates that the market is actively pricing in the potential impact on crude oil supply due to the situation in the Middle East, with the $80 oil price gradually becoming a new target for investors.

On Friday, concerns over disruptions to Middle Eastern oil supplies escalated, driving oil prices up more than 7%. West Texas Intermediate (WTI) crude rose 7.62% to $72.98 per barrel, with intraday gains exceeding 14%, reaching a peak of $77.62, the highest level since January 21.

According to a previous article from Wall Street Watch, the latest situation between Israel and Iran includes Iran confirming that its Natanz nuclear facility was partially damaged in the Israeli attack. Iran launched "hundreds" of missiles at Israel in retaliation on Friday night. The Israeli Defense Minister accused Iran of attacking civilian population centers, stating that Israel would pay a heavy price.