March 17, 2026 - March 20, 2026, the price of the '↑ $4.00' option surged from 68.5c to 88.5c (and '↑ $4.25' rose from 52.5c to 65c). This was driven by a catch-up in realized data, as AAA reported a massive spike in the national average from $3.84 to $3.91 in two days, validating fears of supply disruptions from the conflict and pushing these options closer to being in-the-money.
March 8, 2026 - March 13, 2026, the price of the '↑ $4.25' option crashed from 81c to 48.5c, driven by the cooling of initial geopolitical panic and the fact that actual spot prices did not spike vertically as feared, causing time decay (Theta) to erode the premium on deep OTM options.