Oil futures have remained stable, but the decline is expected to be large this week, as the possibility of Israel attacking Iran's oil facilities has weakened, reducing the risk premium contained in oil prices. Analysts at Citigroup Research said in a report that although the market seems to be concerned about reports that the US urges Israel not to target Iran's oil infrastructure, which has driven the latest drop in oil prices, these risks are still very high because related remarks are still intense. Although we think the average price of Brent crude oil in the fourth quarter of '24 was $74, recent call options seem reasonable at these levels.

Oil futures have remained stable, but the decline is expected to be large this week, as the possibility of Israel attacking Iran's oil facilities has weakened, reducing the risk premium contained in oil prices. Analysts at Citigroup Research said in a report that although the market seems to be concerned about reports that the US urges Israel not to target Iran's oil infrastructure, which has driven the latest drop in oil prices, these risks are still very high because related remarks are still intense. Although we think the average price of Brent crude oil in the fourth quarter of '24 was $74, recent call options seem reasonable at these levels.