BRE2L.MI is trading 16% up today as Brent crude prices surged over 6% following the July 8 breakdown of the U.S.-Iran ceasefire and renewed military strikes near the Strait of Hormuz.
- Heightened supply disruption fears in the Strait of Hormuz, a critical global shipping chokepoint, are driving the sharp rally in underlying oil prices.
- The ETP's 2x leverage is magnifying the price action, effectively reversing recent losses that followed the early-July OPEC+ production hike.