🔴 USO ETF (USO) is trading 3% down today as U.S.-Iran ceasefire extension eases supply fears

USO ETF (USO) is trading 3% down today as crude prices retreat following reports of a tentative 60-day U.S.–Iran ceasefire extension.

• The potential reopening of the Strait of Hormuz has significantly eased global supply concerns, causing the earlier geopolitical risk premium to unwind.
• Brent crude has pulled back toward the $92 level, weighing on WTI-linked instruments even as broader U.S. equity indices trade higher.