# Oil is now at a new high of $113.24 ahead of Trump's Tuesday evening Iran deal ultimatum.

*business · news · 2026-04-07 · Barchart*

## Key points

- CVX option premiums are elevated due to oil price spikes and geopolitical risks.
- Rolling over expiring covered calls can lock in a 7.43% one-month total return.
- Shorting May 15 $220 CVX calls yields 0.935% in 39 days with only 17% exercise probability.
- Shorting May 15 $185 CVX puts yields 1.57% with a 23% chance of assignment.

**Companies:** Chevron Corp
**Countries:** United States

[Read the full story on Barchart](https://www.barchart.com/story/news/1175957/oil-futures-keep-rising-and-shorting-chevron-covered-calls-and-cash-secured-puts-works)

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