Crude Oil was first discovered in the US over 150 years ago in 1859. At the start of the 20th century it supplied only 4% of the world’s energy. Today that number has significantly increased to 40%, with the downright domination of the transportation market at 96%. We may learn or review some terms of a crude oil futures option. This refers to the right, but not the obligation to sell (put) or buy (call) 1000 barrels of crude oil for a certain future strike price.