USO is trading 3.2% up today as oil prices rebound following a reassessment of the durability of the U.S.–Iran ceasefire and the reopening of the Strait of Hormuz.
- Traders are questioning the long-term stability of the tentative peace agreement, maintaining a geopolitical risk premium in crude futures.
- The price action follows a sharp pullback driven by initial ceasefire headlines, with the market now shifting focus to the actual implementation of the deal.