United States Oil Fund, LP is trading 3.1% down today as crude oil prices extend a multi-day pullback driven by easing geopolitical tensions and shifting macroeconomic expectations.
- Traders are reacting to the formal entry into force of Iran’s memorandum of understanding, which is expected to improve oil flows through the Strait of Hormuz.
- The move follows a sharp multi-day slide for oil-linked assets as supply fears in the Middle East begin to subside.