Israel-Iran conflict LIVE: Israel military says 7 soldiers wounded in overnight Iran missile strike

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% higher as Israel and Iran launched air strikes, feeding investor worries that the combat could widely disrupt oil exports from the Middle East.

-Reuters