BRE2L.MI is trading around €45.80, down 9.2% today, as the 2x leveraged Brent crude ETC magnifies a sharp retracement in underlying oil prices.
- Brent crude prices have slid from approximately $91 to near $81 amid improving prospects for the reopening of the Strait of Hormuz and cooling tensions with Iran.
- The move reflects significant profit-taking and a reduction in geopolitical risk premia, extending the ETC's pullback from its July 24 high of €62.47.