USO is trading 3.23% higher at $123.15 in pre-market action, tracking a sharp upside move in crude oil driven by intensifying geopolitical risks.
- Escalating U.S.–Iran conflict and threats to the Strait of Hormuz have triggered significant supply shock concerns across the energy complex.
- Reported tanker attacks in the Black Sea are adding to fears of global supply disruptions, further boosting crude prices.
- The surge in oil persists despite a broader risk-off sentiment in equity markets as investors react to potential energy shortages.