The current Egyptian chaos coupled with the very low U.S. dollar have pushed oil prices to over $100/barrel. These volatile situation are prime candidates for straddles, where, the investor may profit whether the underlying stock or ETF goes up or down,.
There are a couple of strangles and straddles for two popular ETFs: USO and UCO.
They were computed within the free StraddlesCalc tool. The amounts indicated are the percentage move required for the position to achieve profitability.