USL surges 43% as Iran War closes Strait of Hormuz, shutting in 7.5M barrels/day

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

Key Changes

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  Iran War and Strait of Hormuz closure drove crude oil prices up 38% in Q1 2026 (vs. 2% decline prior year), with 7.5 million barrels/day shut in across six Middle Eastern countries. Supply shock pushed USL's NAV from $33.31 to $47.79, a 43% gain.

  MD&A: Market Conditions verify on EDGAR →
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  Court dismissed Lucas class action complaint without prejudice in September 2025; plaintiff filed motion to amend in November 2025, which defendants oppose and remains pending. Dismissal is procedural win but litigation continues.

  Legal Proceedings verify on EDGAR →
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  OPEC production collapsed 7.5 million barrels/day from February to March 2026 (29.6 to 22.1 mbd) due to war-related shutdowns, reversing gradual increases that had been unwinding voluntary cuts since 2024.

  MD&A: OPEC Production verify on EDGAR →