Long Brent crude is attractive because the backwardation provides positive carry, and the asymmetric risk of a spike higher, given structural inventory draws and the potential for a sudden re-escalation, makes it a good trade.
The market mispriced Ethereum options for the ETF event in May 2024. Skew was for downside, but the true risk was an approval surprise that would send ETH higher. Selling puts and buying calls (risk reversal) captured the asymmetry.
During a week of sideways price action in S&P 500 with elevated implied vol and extremely rich put skew, selling call spreads (sell ATM call, buy a cheaper call) was the right expression to harvest premium with limited risk.
Implied volatility in WTI is very high, allowing a zero-cost 1x2 put spread (buy one higher-strike put, sell two lower-strike puts) to bet on a sharp move lower if a deal reopens Hormuz. The structure benefits from vol compression and the right tail of a crash.