New Delhi, Jan. 29 -- A record surge has brought precious metals into the spotlight, but another commodity has been quietly enticing India's retail traders: energy.

The share of natural gas and crude in the total options premium turnover of the Multi Commodity Exchange Ltd. has risen over the past three months, according to data by India's largest commodity bourse. The increase stems from concerns about rising tensions between the US and Iran, and higher heating demand in the western hemisphere due to an extreme winter.

"These (geopolitical) tensions have increased the volatility in the energy basket, drawing back some clients to products such as natural gas and crude oil, in addition to the lure of bullion," said Amit Chandra, vice pre...