WTI Futures Soar 35.6% to $119.48, Driving ProShares Ultra Crude Oil Swings
UCO’s 2× crude oil exposure surged as WTI futures jumped 35.6% from $67.02 on Feb 27 to $90.90 by Mar 6 and peaked at $119.48 on Mar 9. Iran’s new leader and regional missile attacks sent Brent 287.8% higher from $72.87 to $119.40, intensifying ETF swings.
1. Oil Price Surge Driven by Geopolitical Tensions
Escalating U.S.–Iran hostilities and Iran’s selection of a hardline Supreme Leader triggered missile attacks across the Middle East, cutting crude flows through key chokepoints and pushing WTI from $67.02 on Feb 27 to a $119.48 high on Mar 9. Brent futures mirrored this move, climbing 287.8% from $72.87 to $119.40 over the same period.
2. Impact on UCO ETF Performance
ProShares Ultra Bloomberg Crude Oil ETF (UCO) delivers 2× daily gains of crude futures, so the 35.6% WTI rally and 287.8% Brent spike translated into amplified ETF swings. Investors saw rapid gains and heightened volatility as UCO’s net asset value reflected extreme price movements in the underlying contracts.
3. Outlook for Crude Oil and UCO
Ongoing regional retaliation and potential Venezuelan production increases could drive further price swings, while coordinated strategic reserve releases or de-escalation may trigger sharp declines. UCO traders should prepare for sustained volatility, with scenarios ranging from sub-$50 oil lows after a U.S. victory to periodic spikes above $120 if tensions reignite.