USO surges 83% as Iran War closes Strait of Hormuz, disrupting 20% of global oil supply

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 shut in 7.5 million barrels/day from six Gulf nations by March 31, driving benchmark crude from $57 to $101/barrel (+77%) and USO's NAV from $69 to $126 (+83%).

  MD&A: Iran War and supply disruption verify on EDGAR →
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  Securities class action dismissed without prejudice in September 2025; plaintiff filed motion to amend in November 2025, which defendants oppose and remains pending before the court.

  Legal Proceedings: Lucas class action verify on EDGAR →
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  USO's NYMEX crude futures holdings jumped 151% year-over-year to 23,766 contracts, reflecting larger fund assets and greater market exposure; peak holdings reached 26,969 contracts during Q1 2026.

  MD&A: Contract holdings verify on EDGAR →