United States Oil Fund, LP is trading at $116.50 (-3.89%) as crude-linked risk premiums continue to unwind following a U.S.–Iran peace deal that has eased concerns regarding the Strait of Hormuz.
- The ETF has dropped sharply over the past week, moving in lockstep with lower Brent prices and a broader easing in energy inflation fears.
- Because the fund closely tracks crude oil futures, the recent weakness in global oil benchmarks is placing direct downward pressure on the fund's performance.