Rising demand for protection is also evident in the futures market tied to the Cboe Volatility Index, a closely watched gauge of expected stock swings. Parts of the VIX curve have inverted, meaning traders are paying more for near-term protection than for hedges further out. The pattern resembles moves in oil futures, where prices for the nearest contracts have jumped on concern that the conflict in Iran will disrupt supply. WTI crude was up 5% at $91.60 a barrel, while the S&P 500 futures traded down 0.5% at 7:07 a.m. in New York.