The most recent geopolitical events in the Middle East have thrust crude oil back into the news. As of April 15, front month Brent crude was up almost 17% year-to-date. If the situation worsens, and the region slips into a wider war, a test of the psychologically important $100 level and beyond is not out of the question. Less reported are crude's implied volatility and the factors that are influencing it currently. Futures, with individual contract months and their related options, extending months to years in advance, allow forward price and implied volatility curves to be constructed. Since implied volatility is, ... (full story)