United States Oil Fund

USO

Market cap $1.99B

Crude oil futures plunged as Iran kept the Strait of Hormuz open, easing supply fears and shifting the oil outlook bearish as traders unwind risk premium.

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Three supertankers slipped through the Strait of Hormuz last Saturday, each carrying up to two million barrels of oil.

Oil prices plummeted to their lowest level in more than a month on Friday after Iran declared the Strait of Hormuz "completely open" for the duration of a 10-day ceasefire between Israel and Lebanon.

Oil prices dropped over 10% after Iran's foreign minister announces the Strait of Hormuz is open to commercial traffic for the Israel-Lebanon ceasefire.

Six weeks into Iran's blockade of the Strait of Hormuz and the numbers tell a stark story. Where nearly 50 oil and gas tankers were passing through the strait on an average day in February, that figure has collapsed to just 3.5 a day in April.

Crude oil drops on signs of optimism in the Middle East. That being said, we will still be waiting for an actual peace deal.