Oil is higher after the US carried out strikes on Iran-backed targets in Syria. Conflict in the Middle East has caused uncertainty, potentially threatening global oil supplies, which has pushed prices higher.
Portfolio Pulse from Benzinga Newsdesk
Oil prices have risen following US strikes on Iran-backed targets in Syria. The conflict in the Middle East has led to uncertainty, potentially threatening global oil supplies and pushing prices higher.
October 27, 2023 | 11:46 am
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The United States Oil Fund (USO) may see a short-term increase in value due to rising oil prices following US strikes on Iran-backed targets in Syria.
The United States Oil Fund (USO) is an exchange-traded fund (ETF) that aims to track the price of West Texas Intermediate (WTI) light, sweet crude oil. As such, any factors that lead to an increase in oil prices, such as geopolitical conflicts that threaten global oil supplies, can potentially increase the value of USO.
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