BNO surges 83% as Brent crude jumps 71% on geopolitical tensions; assets triple to $268M

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~2 min read

Key Changes

• high

  Brent crude oil prices surged 71% during Q1 2026 (from $60.85 to $103.97 per barrel), driving BNO's per-share NAV up 83% (from $28.29 to $51.86). This compares to essentially flat oil prices and 3% NAV growth in the prior year quarter.

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• high

  Assets under management nearly tripled to $268M from $99M, with shares outstanding increasing six-fold to 18.35 million. The fund now holds 9,154 futures contracts versus 1,312 in the prior year, reflecting substantial investor inflows.

  MD&A: Fund Size and Holdings verify on EDGAR →
• high

  Market commentary highlights June 2025 Israel-U.S. attack on Iranian nuclear facilities that briefly pushed prices above $75, plus ongoing conflicts in Ukraine, Middle East, and U.S. actions in Venezuela as key supply disruption risks driving the rally.

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