Oil volatility has surged to levels not seen in a year, nearing 52-week highs. This spike in oil volatility, measured by the Oil Volatility Index ($OVX), is reminiscent of the early August panic when oil prices fell sharply. The spread between the OVX and the CBOE Volatility Index ($VIX) is the highest since Russia's invasion of Ukraine. Meanwhile, the VIX itself is trading at 20.55, close to its high of the day, with the S&P 500 down 1.2% from its all-time highs. The VIX previously reached 20.03, indicating a pullback sign.