Hello gianna13,
Thank you for reaching out in Apple Support Communities. If we're understanding correctly, you're not seeing "Options" in the Phone app. We'll be happy to help.
Options is not an available tab in the Phone app. As you mentioned, you'll see Favorites, Recents, Contacts, Keypad and Voicemail. You can place the phone calls on speaker while you're on a call. Here's an article with that information: While on a call on iPhone
Also, within this article you'll visually see a photo of the options that's available in the Phone app: Make a call on iPhone As you can see "Options" is not available.
If we misunderstood, please provide us additional details to gain a better understanding. That way we can provide you the best support.
Best regards.