USO is trading 6.7% up today as crude benchmarks spike on escalating Middle East tensions and mounting fears of major supply disruptions.
- Brent crude has surged above $100 per barrel, hitting multi-week highs amid threats to the Strait of Hormuz and Red Sea tanker routes.
- Supply-risk driven crude strength is the dominant catalyst for the move as WTI and Brent both reach multi-week peaks.
- Market participants are increasingly concerned about potential long-term interruptions to global energy flows.