Oil futures posted their largest gain in more than a year last week.
And the frenzy was even bigger in the options market.
As traders fretted over the risk of a major price spike, the call skew on second-month West Texas Intermediate futures jumped to the highest since March 2022, when Russia’s invasion of Ukraine sparked concerns that millions of barrels a day of oil from one of the world’s top producers would suddenly disappear from the market.
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