Short dated USO call spreads would allow you to position for increased volatility in crude while limiting your loss if the situation is resolved (which hopefully it is). Volatility is relatively cheap for what could be the beginning of a 100% rally in crude (see chart of crude during the Gulf War below).
Chart of WTI Crude from 1/1/89 to 12/31/92 (Yes that is a 100%+ rally)
Payout of being long the USO Jan 42/48 call spread at 36c (was trading for 25c this AM).
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