(Bloomberg) -- The last time oil options traders were this bullish, crude was selling for $105 a barrel.
Geopolitics returned to the market: A thwarted missile attack in Riyadh, Saudi Arabia, and U.S. President Donald Trump’s threats to launch missiles at Syria drove futures prices in New York to a three-year high.
That sent investors seeking protection against further rallies. The call skew in West Texas Intermediate crude, which measures how much more investors are willing to pay for calls than for puts, jumped Wednesday to the highest level since June 30, 2014.
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