United States Brent Oil Fund, LP is trading 3.8% down today as traders reassess the sharp Brent crude spike driven by Iran-related supply fears and the closure of the Strait of Hormuz.
- Brent crude futures recently pushed above $94 per barrel, but are now seeing a pullback as geopolitical risk premia stabilize.
- Profit-taking and position trimming are weighing on the fund following several strong sessions, even as broader equity indices trade higher.