Shares of the United States Oil Fund (NYSE:USO) are climbing Thursday afternoon, reaching new 52-week highs, as underlying benchmark crude futures surged on severe supply constraints and prolonged Middle Eastern geopolitical friction.
- United States Oil Fund stock is at critical resistance. Why is USO stock breaking out?
OPEC Report Highlights Steep Saudi Production Cut
Oil is trading higher amid catalysts including OPEC’s monthly crude report indicating that Saudi Arabia’s production fell to 6.238 million barrels per day in August from 9.298 million barrels per day in first-quarter 2026. The sharp output contraction underscores tightening physical market balances across major global export hubs.
White House Discussions Signal Extended Maritime Shipping Risks
Adding upward momentum to energy markets, reports suggest that President Trump’s senior advisers met to discuss the prospect that the conflict with Iran may continue for the remainder of his term in office, meaning crude transportation through critical chokepoints like the Strait of Hormuz may remain limited.
With Brent crude futures climbing past $106 per barrel and WTI rising toward $101 per barrel, the combination of constrained OPEC output and prolonged supply security risks continues to drive strong buyer demand into crude-tracking funds.
USO Shares Climb Thursday
USO Price Action: United States Oil Fund shares were up 5.62% at $158.40 at the time of publication on Thursday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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