Oil Options Ignite as Iran War Fuels Energy Bets

The options market is flashing strong bullish signals in energy stocks as Iran war-related oil disruptions push trading activity to unusual levels. ExxonMobil and Chevron are fielding the most active near-term expiries in months, with the Friday 6 November contract drawing heavy flow from traders betting on sustained elevated crude prices.

PBF Energy stands out across the sector. The refiner has gained 188% year-to-date. Its ORTEX options score ranks near the top of large-cap names, and its 6 November expiry is the most populated in its chain. Refining margins tend to expand when crude rises faster than product prices lag, making PBF a leveraged play on the Iran supply shock. HF Sinclair shows a similar pattern, up 150% YTD with an ORTEX stock score of 97.8.

On the bearish side, chip names are drawing unusual put volume. Micron Technology and Intel both ranked at the top of negative options bets over the past week. Intel's RSI sits at just 25, the lowest among major semiconductors. Negative bets on Meta Platforms and Netflix are also elevated, with both stocks down more than 30% year-to-date.

Viasat is a name to watch. The stock has surged 123% YTD and carries a 9.1 days-to-cover short interest reading. It has earnings approaching and only three options expiries available, all skewed toward the November 20 date. That thin expiry structure can amplify moves if the print surprises.

Rocket Companies also warrants attention. Its DTC stands at 8.7 with a short score of 60. Options flow ahead of its Q3 print shows a contested setup, with buyers and sellers closely matched.