Investors may be enthusiastic about energy and oil prices in 2023, but the current situation is less positive.

Ukrainian unrest has lowered crude oil prices to $76 per barrel.

Oil bulls can buy oil equities, oil-related ETFs like XLE, or the U.S. Oil Fund (USO), which holds oil price futures.

USO call options are low-volatility investments.

USO below 75 will cost investors $105 and return $1.05.

Investors lose even if oil prices climb somewhat.

If crude oil hits $100 by September 15 and USO is at 89, the call will return 1,300%.

USO’s theta will diminish each day it doesn’t move, causing losses and lower premiums.