Oil Prices Surge in 2026 Amid Ongoing Middle East Conflict
The United States Oil Fund ETF (USO) has soared 134.72% year-to-date in 2026, propelled by escalating tensions between the United States and Iran, which have persisted for nearly seven months. The conflict has led to increased military operations and significant disruptions in energy supply, particularly affecting the Strait of Hormuz.
Historically, oil prices tend to rise from the end of Q1 until early summer, and this year has followed that pattern, although September has exceeded typical gains. Technical indicators show crude oil futures are currently testing critical resistance levels, suggesting a possible market stall as negative trends are usually seen in October and November.
Additionally, the Breakwave Tanker Shipping ETF (BWET), which tracks crude oil transportation costs, has surged an unprecedented 5,000% over the past year, indicating heightened volatility and speculation in the oil market.
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