Positioning shows extreme put-skewed gamma concentrated at 99.00-100.00 strikes versus rising call walls from 120.00 upward. The market sits in a wide buffer zone between heavy support 17 points below and layered resistance starting 3 points above. Recent 42% rally and Middle East supply risk suggest elevated realized volatility, while the tight clustering of gamma at boundary strikes implies dealers will dampen moves unless spot breaks decisively through 120.00 or falls toward 100.00.

Positioning shows extreme put-skewed gamma concentrated at 99.00-100.00 strikes versus rising call walls from 120.00 upward. The market sits in a wide buffer zone between heavy support 17 points below and layered resistance starting 3 points above. Recent 42% rally and Middle East supply risk suggest elevated realized volatility, while the tight clustering of gamma at boundary strikes implies dealers will dampen moves unless spot breaks decisively through 120.00 or falls toward 100.00.