Middle East tensions are affecting the structure of the oil market, not just the headlines. The forward curve is showing steep backwardation, meaning front-month contracts are trading higher than deferred ones. Refiners are paying a premium for immediate delivery to secure supply. Options markets are also reacting. Volatility is repricing and skew is shifting as traders hedge against potential supply disruptions. Straddles are seeing more action as people bet on big moves in either direction without picking a side. Keep an eye on CTAs and machine traders too - they have dry powder and could buy aggressively if the upward trend continues.