USO is trading at $143.61, down 3.16%, as lower crude prices follow President Trump saying further strikes on Iran are highly unlikely if negotiations progress, easing the geopolitical risk premium.
- Reports of a possible Iran-Hormuz deal added selling, but terms remain unconfirmed and attacks near the strait continued.
- JPMorgan estimates a global supply surplus of 1.1 million barrels per day in September and 1.4 million in October, adding pressure.