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Oil’s 35% weekly spike has put crude above the psychological $90 mark, forcing traders to decide whether this is the start of a new uptrend or a blow-off move that unwinds just as quickly.
- USO is blasting higher. See the chart and price action here.
Oil Prices Explode
- The move is being driven by a severe supply shock, with the Strait of Hormuz effectively shut and Middle East output and refining capacity disrupted.
- WTI and Brent have ripped to multi‑month highs as traders price in prolonged supply risk, pushing front‑month futures and oil‑linked ETFs sharply higher.
The United States Oil Fund (NYSE:USO) tracks front-month WTI futures, giving investors a liquid way to express a directional call on crude without trading futures directly.
A sustained move above $90 would likely reflect ongoing supply tightness …
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