For some reason, my terminal's option+arrow weren't working. To fix this on macOS 10.15.6, I opened the terminal app's preferences, and had to set the bindings.
Option-left = \033b
Option-right = \033e
For some reason, the option-right
I had was set up to be \033f
. Now that it's fixed, I can freely skip around words in the termianl again.