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The investment aims to track the daily percentage changes in its shares’ per share NAV, mirroring the daily percentage changes in the spot price of light, sweet crude oil delivered to Cushing, Oklahoma. This alignment is measured by the daily shifts in the price of a specified short-term futures contract on light, sweet crude oil known as the “Benchmark Oil Futures Contract,” along with the interest earned on USO’s collateral holdings, after deducting USO’s expenses. USO primarily invests in futures contracts for various fuels, including light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels.

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La OPEP+ retrasa el aumento de producción de crudo planificado debido a la caída en los precios del petróleo.

OPEP+ pospone aumento de producción de petróleo por caída de precios

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La economía de EE.UU. crece un 3% en el segundo trimestre, impulsando al dólar y las tecnológicas. Descubre cómo los mercados reaccionaron.

La sorprendente revisión del PIB de EE.UU. impulsa al dólar y a las tecnológicas

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El precio del petróleo se desploma por negociaciones en Gaza y señales de desaceleración económica en China que inquietan a los mercados.

Datos económicos chinos provocan caída del petróleo en medio de tensión en Gaza

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Investors are reacting to multiple events that could impact the values of stocks and sectors in the coming weeks, as Iran launched a missile attack on Israel Tuesday, raising <a href="https://www.benzinga.com/topic/middle-east">tensions in the Middle East.</a>
Middle East Conflict: Iran&#8217;s attack on Israel came in retaliation for the killing of Hezbollah leader Hassan Nasrallah.
On Tuesday, U.S. National Security Adviser Jake Sullivan said the United States worked with the Israel Defense Forces (IDF) to help defend the country from an attack of around 200 missiles.
During a White House press briefing, Sullivan said President Joe Biden and Kamala Harris monitored the attack from the White House situation room.
The U.S. government is working with the IDF to assess the impact of the attack, but there are no deaths known of Israelis at the current time, Sullivan said.
"This attack appears to have been defeated and ineffective," Sullivan said.
Sullivan called Tuesday's events a "fluid situation" that involves continuous monitoring for further threats. He said that one of the key focuses of the U.S. is protecting service members in the region.
While addressing reporters, Sullivan said he would not share Biden's potential response to Iran when asked what the president meant by "severe consequences."
"I can tell you that he is tracking this minute to minute."
Read Also: <a href="https://www.benzinga.com/news/24/09/41102248/stocks-slip-as-powell-says-future-interest-rate-cuts-hinge-on-data-economy-is-in-solid-shape-we-inte">Powell Says Future Interest Rate Cuts Hinge On Data, Stocks Slip: &#8216;Economy Is In Solid Shape, We Intend To Use Our Tools To Keep It There&#8217;</a>
Hurricane Helene Update: <a href="https://www.benzinga.com/markets/equities/24/09/41096388/hurricane-helene-102-dead-2-million-without-power-after-storm-destruction-in-6-states" target="_blank" rel="noopener">Over 100 fatalities</a> have occurred from Hurricane Helene and its aftermath. Several states continue to be impacted and are working on restoration.
White House Press Secretary Karine Jean-Pierre said Biden will travel to North Carolina on Wednesday, and Harris will travel to Georgia Wednesday and then North Carolina later in the week.
Jean-Pierre said the White House is using every tool to help in the response and will be there every step of the way.
Secretary of Homeland Security Alejandro Mayorkas gave an update on the response during the briefing.
"This is a multi-billion dollar undertaking," Mayorkas said.
Mayorkas said around $1.7 billion has already been approved for individual assistance, and the rebuilding cost will be shared later, adding that it will be "extraordinarily costly."
When asked why Biden is going to Raleigh, North Carolina, and not a harder-hit area by the storm, Mayorkas said the president was trying not to interfere with the urgency of the response.
Port Strikes: Jean-Pierre said the president is also closely monitoring the port strikes and hopes the two parties can work through collective bargaining to prevent disruptions to the supply chain.
"I hope the American people have confidence in this president," Jean-Pierre said.
Jean-Pierre said the task force is meeting daily and will continue monitoring the situation.
Market Reaction: The price of gold and oil both spiked higher after the attack. The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) was up 3% to $72.11 on Tuesday. The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) was up 1% to $245.61.
News of the attacks sent major market indexes lower throughout the trading session. The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was down 0.9% to $568.62 on Tuesday. The ETF has hit new all-time highs in recent days and had a positive return in September for the first time in five years.
The&nbsp;SPDR Dow Jones Industrial Average ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), which tracks the Dow Jones Industrial Average, was down 0.4% to $421.50.
The&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which tracks the Nasdaq 100, was down 1.4% to $481.27.
Several of the indexes recovered slightly into the close after further attacks did not happen.
Overall, technology stocks were hit the hardest, with defense and oil stocks trading higher.
Bitcoin&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is down 2% to $61,990.80 on Tuesday at the time of writing.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41126631/hurricane-helene-devastation-the-latest-on-damage-companies-affected">Hurricane Helene Devastation: The Latest On Damage, Companies Affected</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

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Market Sells Off Over Iran's Attack On Israel, Port Strikes, Hurricane Helene: National Security Adviser Calls Attack 'Defeated And Ineffective'

USA API Weekly Crude Oil Stock A Draw Of 1.500M Barrels Vs A Draw Of 2.100M Barrels Est.; Draw Of 4.339M Barrels Prior

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iShares MSCI Israel Capped Investable Market Index Fund

ISRA

Israeli PM Netanyahu Says Iran Made A Big Mistake Tonight And They Will Pay For It

Israeli Military Following Iran's Attack Says 'We Will Choose When To Prove Our Precise And Surprising Attack Capabilities'

Pentagon Says U.S. Fully Supports Israel's Right To Defend Itself After Iran's "Significant" Attack

U.S. State Department Says Israel Has The Right To Defend Itself, But We Will Coordinate With Them On What Any Response Looks Like

Pentagon Says We Condemn These Reckless Attacks By Iran And Call On Iran To Halt Further Attacks, Including By Proxy Forces; U.S. Navy Destroyers Fired About A Dozen Interceptors Against Iranian Missiles Headed To Israel; Not Aware Of Any Warning By Iran Ahead Of Attack On Israel; No Other U.S. Military Assets, Beyond The Navy Destroyers, Helped Shoot Down Iranian Missiles, All Of Which Were Fired From Inside Iran

U.S. National Security Adviser Sullivan Says Iran Launched Nearly 200 Missiles Towards Targets In Israel; U.S. Coordinated With Israel Defense Forces To Help Defend; Tracking Reported Death Of Palestinian Civilian In West Bank; Attack Appears To Have Been Defeated; Will Continue To Monitor For Further Threats And Attacks From Iran And Its Proxies

Iran's Revolutionary Guards Say They Targeted Three Israeli Military Bases In Missile Attack

Israeli Media Citing Israel's Military Says Air Force Will Continue Conducting 'Powerful Strikes' Tonight Throughout The Middle East

On Tuesday, Iran launched a missile attack against Israel following the recent killing of Hezbollah leader Hassan Nasrallah. The strike occurred after the United States warned that an attack in <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/10/41120592/iran-set-to-launch-ballistic-missile-attack-against-israel-report">the region was imminent.</a>
What Happened: Tensions have been increasing in the Middle East, which has led the United States to <a href="https://www.benzinga.com/news/24/10/41112728/us-boosts-military-presence-in-middle-east-deploys-fighter-squadrons-amid-rising-tensions-with-iran">boost its military presence</a> in the region.
Missiles were launched from Iran at Israel, with sirens going off in the country and telling residents to take shelter.
The number of missiles fired by Iran ranged from 100 to 200 according to a report from <a href="https://www.bloomberg.com/news/live-blog/2024-10-01/middle-east-latest-m1qnx63j-iran-fires-rockets-at-israel-idf-says?srnd=homepage-americas&amp;sref=TBDibEcD">Bloomberg</a>.
Iran said the attack was retaliation for the killing of senior leaders including Nasrallah by Israel. They also warned that further strikes would follow if Israel chooses to retaliate.
Tuesday's attack was the first direct missile strike by Iran on Israel since April.
Read Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40993833/irans-president-says-we-dont-want-to-fight-but-israel-wants-to-drag-everyone-into-war-and-destabiliz" target="_blank" rel="noreferrer noopener">Iran's President Says ‘We Don't Want To Fight' But Israel ‘Wants To Drag Everyone Into War And Destabilize The Region' — Willing To Put Our Weapons Aside If They Do The Same</a>
What's Next: The attack on Israel could be the beginning of increased escalation in the Middle East, and could also see a reaction from the United States.
"A direct military attack from Iran against Israel will carry severe consequences for Iran," a senior White House official said Tuesday morning, as <a href="https://www.cnn.com/2024/10/01/politics/iran-missile-attack-israel/index.html">reported </a>by CNN.
The White House has said that the country is "actively supporting defensive preparations to defend Israel against" any attack.
CNN reported that President Joe Biden and Vice President Kamala Harris met with top national security officials Tuesday to discuss plans on how to respond to the attack that was expected on Israel.
"They reviewed the status of U.S. preparations to help Israel defend against attacks and protect U.S. personnel," White House spokesperson Emilie Simons said.
Israel has warned that Iran&#8217;s attack could trigger further escalations.
"There is no place in Iran that the long arm of Israel cannot reach, and that's true of the entire Middle East," Israeli Prime Minister Benjamin Netanyahu said during a speech last week.
On Tuesday, United States Secretary of State Antony Blinken said the country is "Tracking events in the Middle East very closely." The Secretary of State said the U.S. is "committed to Israel's defense.&#8221;
Market Reaction: The price of gold and oil both spiked higher after the attack. The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) is up 4% to $72.39 on Tuesday. The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) is up 1% to $245.99 on Tuesday. 
News of the attacks has the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) down 1% to $567.35 on Tuesday. The ETF has hit new all-time highs in recent days and had a positive return in September for the first time in five years.
Other market indexes are also trading lower Tuesday on the new report.
The&nbsp;SPDR Dow Jones Industrial Average ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), which tracks the Dow Jones Industrial Average, is down 1% to $420.59.
The&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which tracks the Nasdaq 100, is down 2% to $479.22.
Overall, technology stocks are getting hit the hardest, with defense and oil stocks trading higher.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is down 3% to $61,679.21 on Tuesday at the time of writing.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/government/24/08/40164105/potential-iranian-attack-on-israel-could-rattle-markets-what-happened-to-stocks-when-russia-invaded" target="_blank" rel="noreferrer noopener">Potential Iranian Attack On Israel Could Rattle Markets: What Happened To Stocks When Russia Invaded Ukraine?</a></li>
</ul>
Photo: Shutterstock

Trading Ideas

Iran Attacks Israel With Missiles, Middle East Tensions Escalate: S&P 500, Stocks, Bitcoin Fall As Oil, Gold Rise

Iraqi Resistance Group Says U.S. Bases In Iraq Will Be A Target If U.S. Joins On Response To Iran Or Uses Iraqi Airspace

Israel Reopens Airspace, Takeoffs And Landings To Resume In The Coming Hour, Airports Authority Says

Israel Military Says Citizens Now Permitted To Leave Protected Spaces Throughout The Country

Israel Military Spokesman Says This Attack Was Serious And Will Have Consequences

ProShares Ultra Bloomberg Crude Oil (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NASDAQ">UCO</a>) shares are trading higher by 6.43% to $27.06 Tuesday. Geopolitical tensions in the Middle East are once again on the rise, and this time, the potential for <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/10/41120592/iran-set-to-launch-ballistic-missile-attack-against-israel-report">significant conflict</a> is having a direct impact on financial markets, particularly in the energy sector.
The latest development comes from reports that Iran has launched a ballistic missile attack on Israel in retaliation for an airstrike that reportedly killed Hezbollah leader Hassan Nasrallah.
As tensions escalate, the market is responding, and one of the major movers is UCO.
Why This Matters: UCO is a leveraged exchange-traded fund (ETF) designed to provide investors with twice the daily return of the Bloomberg WTI Crude Oil Subindex, which tracks the price movements of West Texas Intermediate (WTI) crude oil. 
Essentially, UCO moves in direct correlation with oil prices, but with twice the volatility. When oil prices rise, UCO magnifies those gains, making it a popular choice for investors looking to capitalize on significant shifts in the energy market. On the flip side, it also carries higher risks due to its leverage.
Read Also: <a href="https://www.benzinga.com/personal-finance/24/10/41125098/suze-orman-says-the-personal-finance-of-americans-is-really-really-bad-even-though-the-stock-mar">Suze Orman Says The Personal Finance Of Americans Is &#8216;Really, Really Bad&#8217; Even Though The Stock Market Is Doing Great</a>
The ongoing conflict between Iran and Israel is particularly concerning for global oil markets because the Middle East remains a critical region for oil production and export. Iran, a major oil producer, controls access to the Strait of Hormuz, a vital chokepoint through which approximately 20% of the world's oil supply passes. 
Any conflict involving Iran could disrupt oil flows through the Strait, leading to supply shortages and sharp increases in crude oil prices. The threat of a ballistic missile attack by Iran increases the likelihood of a broader regional conflict, which would exacerbate fears of supply disruptions.
What Else: As reports of these imminent attacks surfaced, the price of crude oil surged, with investors rushing to hedge against the uncertainty. The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which directly tracks oil prices, saw a 3% increase, while UCO spiked even higher due to its leveraged nature. 
UCO's upward movement reflects the market's anticipation that if tensions in the Middle East continue to escalate, crude oil prices could soar further.
In addition to the direct impact on oil supply routes, increased military presence by the United States in the region could further strain relations with Iran, potentially leading to sanctions or military engagements that could disrupt oil exports from the region. In such a scenario, oil prices would likely surge even more dramatically, pushing UCO to higher levels.
Read Also: <a href="https://www.benzinga.com/news/24/10/41124443/whats-going-on-with-delta-united-and-spirit-airlines-shares-tuesday">What&#8217;s Going On With Delta, United and Spirit Airlines Shares Tuesday?</a>
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, UCO has a 52-week high of $36.51 and a 52-week low of $22.88.

Why ProShares Ultra Bloomberg Crude Oil (UCO) Is Up 6% Today

Israel Military Spokesman Says Not Aware Of Any Injuries From Iran Missile Attack

Biden Orders US Military To Shoot Down Iranian Missiles Following Latest Attack, Citing Increased US Military Presence In The Region

White House Says Biden And Harris Are Monitoring The Iranian Attack Against Israel From The White House Situation Room; Biden Directed The US Military To Aid Israel's Defense Against Iranian Attacks And Shoot Down Missiles Targeting Israel

<a href="https://x.com/glcarlstrom/status/1841165007553249303">https://x.com/glcarlstrom/status/1841165007553249303</a>
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The Economist Reporter Gregg Carlstrom Posts On X "Initial report from the Israeli ambulance service is that there are no reports of injuries from the barrage of Iranian missiles"

Nasdaq, S&P, Dow drop following reports Iran preparing missile attack against Israel

Wall Street Lunch: Iran's Potential Attack On Israel Roils Markets

Major Asset Classes: September 2024 Performance Review

Israel's military says Iran launched missile attack; oil and gold rally

Nasdaq, S&P, Dow fall as Israeli military says Iran launches missile attack

Brent Crude - Oil Slides 2% In European Trade Before A Recovery, OPEC+ Meeting Next

Nasdaq, S&P, Dow drop as Israeli military says Iran launches missile attack

Nasdaq, S&P, Dow end lower as October starts with Iran launching missiles against Israel

U.S. crude stockpiles fell 1.5M barrels last week, API says

WTI spiked dramatically up near $72 on the Iranian missile attack in Israel before fading back a little

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