WTI crude oil options skew toward calls has climbed to +7.2%, its highest since September 10, reflecting growing demand for upside price protection amid Middle East tensions. This comes as Houthi attacks on Saudi oil infrastructure and regional shipping have increased supply disruption concerns. Meanwhile, WTI's 1–2 month spread narrowed to $2.30/barrel from $5.40, signaling weaker near-term backwardation, yet options traders are pricing in greater upside oil risk.