OIL MARKET PANIC: VOLATILITY SPIKES TO HIGHEST SINCE 2020 CRISIS The CBOE Crude Oil ETF Volatility Index has surged above 120, its highest level since the 2020 negative oil price crisis, as tensions in the Middle East raise fears of supply disruptions around the Strait of Hormuz. The spike comes as oil briefly pushed above $100, signaling growing market anxiety that geopolitical conflict could choke one of the world’s most critical energy supply routes.