From Mar 17, 2026, to Mar 18, 2026, the price of the 4.5% option surged from 51.5c to 65.5c (+14c). This was driven by escalating fears over the Iran conflict pushing oil prices higher, causing the 10-year yield to rise to 4.24% and sparking speculative buying on 'black swan' inflation scenarios.
From Mar 16, 2026, to Mar 17, 2026, the price of the 4.4% option crashed from 89.5c to 59.5c (-30c). This appears to be a severe valuation correction, as the previous price (nearly 90c) was excessively high for an out-of-the-money target, triggered by a brief dip in yields mid-March.