OVX
Oil volatility — implied vol on WTI crude futures
Official name: Cboe Crude Oil Volatility Index
Latest value
78.0100
as of 2026-04-10
All-time percentile
98th
1-year change
+59.2%
Time series
Showing 628 of 1 256 data points
About this series
CBOE Crude Oil Volatility Index. Implied volatility derived from options on the United States Oil Fund (USO), which tracks WTI crude oil. Daily updates.
Why it matters: Oil is one of the most geopolitically-sensitive commodities. OVX spikes during supply shocks (OPEC cuts, sanctions, wars), demand shocks (recession fears), or logistical dislocations. Unlike equity VIX, it's driven more by fundamental supply/demand concerns than pure financial panic.
How to read it: Typical range 25-40. Spikes above 60 indicate acute stress (2008, early 2020, 2022 Ukraine invasion). Sustained high OVX means the oil market is repricing supply/demand uncertainty.
Caveats: Because it's derived from USO options, it reflects front-month futures vol, not spot oil vol or longer-dated oil vol. USO itself has structural issues (contango drag) that can distort the options market.