USO is trading at $137.83 (+3.09%) during the September 1, 2026 session, amid renewed U.S.-Iran military escalation, which revived fears of supply disruptions through the Strait of Hormuz, critical oil-shipping route.
- WTI rose around 2% early; reports cited Russian refinery disruptions as another supply concern.
- The Venezuela oil agreement is longer-term supply-development story and does not outweigh immediate geopolitical risk premium.
- Broader risk-off trading and inflation reinforce oil rally; USO’s prior-session close was $133.70 (+3.08%).