possibility vs option

possibility and option both are nouns.

Word	Noun	Adjective	Verb	Adverb
possibility	Yes	No	No	No
option	Yes	No	No	No

As nouns, option is a hypernym of possibility; that is, option is a word with a broader meaning than possibility:

Other hypernyms of possibility include alternative, choice.

possibility (noun)	option (noun)
a tentative insight into the natural world; a concept that is not yet verified but that if true would explain certain facts or phenomena	the act of choosing or selecting
a possible alternative	one of a number of things from which only one can be chosen
a future prospect or potential	the right to buy or sell property at an agreed price; the right is purchased and if it is not exercised by a stated date the money is forfeited
capability of existing or happening or being true