Oil futures touched $100 per barrel this week as Iran’s new Supreme Leader Mojtaba Khamenei vowed to keep the Strait of Hormuz closed, the waterway through which a fifth of the world’s oil and liquefied natural gas transits.

WTI crude is trading around $78 per barrel, up sharply from roughly $63 in early February. The catalyst is geopolitical: Chevron executives warned the Trump administration about potential disruptions around the Strait of Hormuz,

With Iran effectively blocking traffic through the Strait of Hormuz, oil produced in the U.S. Permian Basin has become a hot commodity. ExxonMobil, Chevron, and ConocoPhillips are among the largest oil producers in the Permian Basin, with ExxonMobil holding the top spot.

An exchange-traded fund that provides exposure to the airline industry was seeing a sharp rally Tuesday morning and looking to extend its rebound after being beaten down since the Iran conflict sparked a surge in oil prices.

Oil prices have erupted higher in recent days as fresh conflict erupts around Iran, with Tehran issuing direct threats to disrupt shipping through the Strait of Hormuz. That narrow waterway carries roughly one-third of all global oil trade,

“Trailing 1-month retail purchases in pure-play oil ETFs surged to a record +$211 million on Thursday. This exceeds the May 2020 peak of +$200 million and is 3 times the 2022 high of +$70 million,” the post read.

ProShares Ultra Bloomberg Crude Oil ETF is downgraded to Hold after a 46% return in under three months. Learn more about UCO ETF here.

WTI crude has rallied higher this month, recovering from a December 2025 trough of $55.44 to sit near $81 per barrel. The catalyst: the death of Iranian Supreme Leader Ayatollah Ali Khamenei on February 28,

Energy stocks have been the star performers in 2026.

Starting on March 4, 2026, Iran declared the Strait of Hormuz closed and began attacking ships attempting to transit oil and other commodities. The consequences for global oil supply have been immediate and severe.