United States Brent Oil Fund Advances 17% as Brent Surges to $120
Escalating US–Israel strikes on Iran sent Brent futures to near $120 per barrel, the highest since 2024, driving United States Brent Oil Fund LP up about 17% last week. G7 finance ministers agreed not to tap strategic reserves, sustaining tight supply outlook and elevated volatility.
1. Iran Conflict Sparks Brent Rally
Escalating US–Israel military strikes on Iran heightened fears of supply disruptions through the Strait of Hormuz, pushing Brent crude prices to nearly $120 per barrel—levels not seen since early 2024.
2. United States Brent Oil Fund Performance
In response to the crude price spike, United States Brent Oil Fund LP shares climbed roughly 17% over the prior week, reflecting heavy oil market volatility and investor demand for direct Brent exposure.
3. G7 Reserve Stance and Market Impact
G7 finance ministers opted to hold off on releasing strategic reserves, reinforcing a tight global supply outlook and underpinning sustained price volatility in energy markets.