The ongoing US-Iran conflict has led to a dramatic increase in global oil prices, prompting a retail trading frenzy in crude derivatives in India. According to data from Mirae Asset Sharekhan, average daily lots traded in crude oil futures on the Multi Commodity Exchange (MCX) jumped nearly 290% from 32,183 in February to 125,662 in March. Although trading activity eased in April, volumes remained significantly higher than pre-war levels. The rise was mirrored in mini crude contracts, where average daily lots traded in mini futures soared 473% from February to 356,672 in March. Retail traders have shown a preference for short-tenure positions, particularly in options, reflecting a speculative approach. The increase in trading activity coincided with Brent crude futures surging more than 63% in March, reaching a peak of $119.5 per barrel. Despite the tightening trading conditions, with exchange margins climbing to nearly 48%, retail participation has remained robust. Analysts have noted that heightened volatility tends to attract speculators, although caution is advised as inexperienced traders may chase momentum, reminiscent of past trading patterns during market upheavals.