Oil prices have surged over the last week amid rising tensions in the Middle East, which have markets bracing for a potential rise to $100 a barrel.

Prices rose about 9% last week and traders in the options market for oil showed record interest in call options for $100 a barrel oil in November, while $100 call options for December were at their highest level since Sept. 20, according to FactSet data. Call options give traders the right to buy oil futures contracts at that price, though they aren’t obligated to do so.

This comes after Iran launched a massive ballistic missile attack on Israel last week, which the Israeli government has vowed retaliation for. That has raised concerns about a broader conflict in the Middle East involving Iran, which has aided its proxies Hamas and Hezbollah in their war with Israel, as well as the Houthis in Yemen, who have attacked shipping in the Red Sea and Gulf of Aden.

“We’ve seen one of the biggest jumps in oil price volatility in over two years,” said Phil Flynn, senior account executive and market analyst at the Price Futures Group and FOX Business contributor. “This is a market that seemed to be immune to geopolitical risk factors, they seemed to ignore them and you had hedge funds driving prices lower time and time again. And now this is a wake-up call because this is getting real.”