BNO is trading 5.4% down today as the risk premium in Brent crude unwinds following a de-escalation in U.S.–Iran hostilities and progress toward reopening the Strait of Hormuz.
- Brent futures have fallen from above $100 last week to the high-$80s/low-$90s area, removing the geopolitical spike that had recently lifted oil-linked products.
- Broader U.S. equity indices are trading higher as cheaper oil eases inflation and interest rate fears, leaving energy-linked ETFs like BNO as notable laggards despite the positive macro backdrop.