Stock Track | USO Plummets 5.09% Intraday as U.S. Considers Easing Iranian Oil Sanctions and Releasing Strategic Reserves

Stock Track

Mar 20

The United States Oil Fund LP (USO) experienced a sharp decline of 5.09% during Thursday's intraday trading session. The exchange-traded fund, which tracks the price of West Texas Intermediate crude oil, moved significantly lower as market sentiment shifted.

The downturn followed comments from U.S. Treasury Secretary Scott Bessent, who indicated the administration might lift sanctions on Iranian oil already at sea and consider an additional release of crude from the Strategic Petroleum Reserve. These measures are designed to increase supply and help lower oil prices that have surged due to Middle East conflicts and attacks on energy infrastructure.

Market analysts noted that these potential policy actions could significantly increase global oil supply, putting downward pressure on prices. The news triggered a reversal in oil markets that had been rallying on concerns about supply disruptions from the ongoing Iran conflict and damage to key energy facilities in the Persian Gulf region.

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