Given the historic volatility of oil and its current low price, does anyone have recommendation for LEAP call option in this area?
Eh... The problem for you will be the time value. Maybe buy a deferred call spread, and sell a credit put spread?
On oil I wouldn't recommend yearly options. Time decay, volatility, all the bad shit that goes with Options won't be good for energy plays. Can you afford an oil ETF? There are quite a few and I've posted a list in the past.