United States Brent Oil Fund, LP is trading 5.2% up today as Brent crude futures surged over 4% following an escalation of conflict in the Middle East.
- Brent crude jumped to over $97 a barrel after Iran launched missiles at Israel in response to Israeli strikes in the region, fueling fears of a wider conflict that could disrupt global energy supplies.
- The price spike reverses declines from the previous week, with market focus now on the potential for disruptions to key shipping lanes like the Strait of Hormuz.
- The rally in oil is lifting energy-linked products broadly amid heightened geopolitical risk.