---
title: OVX (the VIX equivalent for Oil) has almost completely round-tripped the war spike, trading back near pre-conflict levels.
description: "Markets have aggressively removed geopolitical risk premium, even though the region remains far from calm.\n\nVolatility is not screamingly cheap, but it offers a relatively inexpensive way to express a directional oil view or simply own gamma should tensions escalate again\n\nSource: TME"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [OVX (the VIX equivalent for Oil) has almost completely round-tripped the war spike, trading back near pre-conflict levels.](https://blog.syzgroup.com/syz-the-moment/ovx-the-vix-equivalent-for-oil-has-almost-completely-round-tripped-the-war-spike-trading-back-near-pre-conflict-levels)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Jun 17, 2026, 2:49:48 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/ovx-the-vix-equivalent-for-oil-has-almost-completely-round-tripped-the-war-spike-trading-back-near-pre-conflict-levels)

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