BP Upgraded?! Straddle It!

For some bizarre reason BP was upgraded by some agency today. The stock responded by doing not much, still oscillating between red and green. Somebody is trying to save this company from going for credit protection.

Whether it goes to $100 or it really collapses for good is nearly irrelevant for straddles. Here are some for July:

Options are dangerous and may cause 100% loss. Please do your own due diligence.