{"id":66497,"date":"2026-04-02T12:11:55","date_gmt":"2026-04-02T10:11:55","guid":{"rendered":"https:\/\/www.captrader.com\/?post_type=analyse&#038;p=66497"},"modified":"2026-04-02T12:11:55","modified_gmt":"2026-04-02T10:11:55","slug":"between-escalation-and-stabilization-of-the-bull-put-spread-in-the-oil-market","status":"publish","type":"analyse","link":"https:\/\/www.captrader.com\/en\/analyse\/zwischen-eskalation-und-stabilisierung-der-bull-put-spread-am-oelmarkt\/","title":{"rendered":"Between Escalation and Stabilization: The Bull Put Spread in the Oil Market"},"content":{"rendered":"<p class=\"wp-block-paragraph\">The geopolitical escalation in the Iran conflict has caused significant market movements. The oil price, in particular, reacted sensitively to developments within the first four weeks after the outbreak of the conflict, such as the de facto blockade of the Strait of Hormuz. Despite recurring signals of de-escalation, there remains a risk that \u201eblack gold\u201c could remain at higher levels in the long term than previously assumed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The \u201eBull Put Spread\u201c will be explained below and placed in the context of developments in the Iran War.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Oil price (West Texas Intermediate)<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"755\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2026\/04\/Oil-Futures-Chart-1024x755.png\" alt=\"Monthly candlestick chart of oil futures prices from 2017 to 2026, with a strong price increase in early 2026 to around 93 $.\" class=\"wp-image-66488\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2026\/04\/Oil-Futures-Chart-1024x755.png 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2026\/04\/Oil-Futures-Chart-300x221.png 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2026\/04\/Oil-Futures-Chart-768x566.png 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2026\/04\/Oil-Futures-Chart-1536x1132.png 1536w, https:\/\/www.captrader.com\/wp-content\/uploads\/2026\/04\/Oil-Futures-Chart-16x12.png 16w, https:\/\/www.captrader.com\/wp-content\/uploads\/2026\/04\/Oil-Futures-Chart.png 1796w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is a bull put spread?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The so-called <a href=\"https:\/\/www.captrader.com\/en\/glossary\/bull-put-spread\/\">Bull Put Spread<\/a> is an options strategy used when the investor expects stable or moderately rising prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This consists of a sold put option (short put) and a simultaneously purchased put option (long put) with a lower strike price and identical expiration date.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Maximum profit<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The maximum profit equals the premium received and is achieved when both options expire worthless, meaning if the price at expiration is above the strike of the sold put, or at the price level of the short put.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Maximum loss<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The maximum loss is capped and results from the difference between both strike prices minus the premium received.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Iran conflict could drag on longer than expected \u2013 long-term impact on oil prices conceivable<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The geopolitical conflict between Iran and the USA\/Israel has been occupying stock markets for more than a month now. The hope for short-lived political enthusiasm on the stock markets has quickly given way to a sober perspective. Investors have recently been oscillating between cautious hope for diplomatic progress and the latent danger of further escalation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How the \u201e<a href=\"https:\/\/www.tagesschau.de\/wirtschaft\/finanzen\/marktberichte\/marktbericht-122.html\" rel=\"nofollow noopener\" target=\"_blank\">The Wall Street Journal<\/a>\u201cCiting U.S. officials, late March reported that Trump had communicated to his advisors that he was ready to end the war in Iran, even if the Strait of Hormuz remained nearly blocked.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, Trump announced in late March or early April to reporters at the <a href=\"https:\/\/www.tagesschau.de\/ausland\/amerika\/trump-iran-krieg-106.html\" rel=\"nofollow noopener\" target=\"_blank\">White House<\/a> a timely withdrawal of the US from Iran, which had caused noticeable relief in the financial markets overall.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, uncertainty about the unforeseeable effects of the Middle East conflict on the global economy could continue to cause tensions in the oil market. The stock market trades less on facts and more on escalation risks. Hopes for negotiations that flared up in recent weeks have been repeatedly dashed by new attacks and threats.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As long as the Strait of Hormuz remains in the spotlight of military risks, the oil price is likely to remain a persistent disruptive factor for the markets.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Summary: Between Risk and Return<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ultimately, the \u201ebull put spread\u201c can be an interesting strategy, especially in market phases with increased uncertainty, such as the current environment surrounding the Iran conflict.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The rapid rise in oil prices due to geopolitical tensions does not necessarily mean further price increases will follow. However, the price could potentially stabilize at a higher level, fluctuate only moderately, or even fall.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, investors should not underestimate existing risks. If there is an unexpected easing of the conflict or a noticeable decline in oil demand, the price could come under strong pressure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a market environment shaped by geopolitical risks, the \u201ebull put spread\u201c approach could offer a structured and risk-aware entry into options trading.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Careful risk and money management remains indispensable.<\/p>","protected":false},"excerpt":{"rendered":"<p>Die geopolitische Eskalation im Iran-Konflikt hat die M\u00e4rkte stark bewegt. Dabei reagierte insbesondere der \u00d6lpreis innerhalb der ersten vier Wochen nach Ausbruch des Konflikts sensibel auf die Entwicklungen, wie etwa auf die faktische Blockade der Stra\u00dfe von Hormus. Trotz immer wieder zu beobachtender Entspannungssignale besteht das Risiko, dass das \u201eschwarze Gold\u201c l\u00e4ngerfristig auf h\u00f6herem Terrain [&hellip;]<\/p>\n","protected":false},"author":36,"featured_media":62286,"template":"","analysen-kategorie":[4690,4597],"class_list":["post-66497","analyse","type-analyse","status-publish","has-post-thumbnail","hentry","analysen-kategorie-bull-put-spread-am-oelmarkt","analysen-kategorie-timo-emden-optionen-verstehen"],"acf":{"blog_summary":"","blog_faq_schalter":"nein","faq_uberschrift":"","blog_faq_loop":null},"_links":{"self":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analyse\/66497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analyse"}],"about":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/types\/analyse"}],"author":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/users\/36"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media\/62286"}],"wp:attachment":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media?parent=66497"}],"wp:term":[{"taxonomy":"analysen-kategorie","embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analysen-kategorie?post=66497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}