BNO is trading 4.3% higher in pre-market, extending its sharp rally from the prior week as geopolitical tensions escalate.
- Brent crude prices jumped to the low $80s per barrel following intensified U.S.–Iran military confrontation.
- Supply concerns are mounting due to disruptions around the Strait of Hormuz, a critical global oil transit chokepoint.
- This geopolitical shock is lifting the entire oil complex as markets price in significant risks to global energy flows.