🔴 USO is trading 3.6% down today on progress in U.S.–Iran negotiations to reopen the Strait of Hormuz

USO is trading 3.6% lower in pre-market on May 26, 2026, as crude prices drop sharply following reports of progress in U.S.–Iran negotiations aimed at reopening the Strait of Hormuz.

• The potential deal is expected to normalize Persian Gulf oil flows and ease supply disruptions, putting significant pressure on oil futures and related commodity ETFs.
• The decline in energy prices comes even as broader U.S. equity index futures trade modestly higher, highlighting a divergence between energy markets and the broader equity sector.