USO is trading at $133.73, up 3.11% from the August 28 close of $129.70, after U.S. strikes on Iranian launchers on Larak Island near the Strait of Hormuz and reported Iranian retaliation against U.S. bases in Jordan sharply increased fears of crude-shipment disruption.
- Brent and WTI rose more than 3% in early trading.
- The catalyst is geopolitical and sector-wide; weaker U.S. equities reflect reassessed inflation and interest-rate risks, reinforcing demand for oil exposure.