"The catalyst is the 2026 Strait of Hormuz crisis, sparked by U.S.-Israeli strikes on Iran in late February that triggered retaliatory attacks on merchant shipping and sent crude surging to levels not seen in years."
"Tanker traffic through the Strait of Hormuz dropped approximately 70% after Iran launched 21 confirmed attacks on merchant ships, disrupting global seaborne oil supply."
"WTI at $93.39 sits at the 98.4th percentile of its 12-month range, meaning supply shock pricing is already embedded in the market."
"The composite sentiment score for UCO sits at 64.76 with a 'medium confidence' bullish reading, suggesting conviction without full consensus."
ProShares Ultra Bloomberg Crude Oil 2x (UCO) experienced a significant increase of 73% in March 2026, driven by the Strait of Hormuz crisis. The crisis began with U.S.-Israeli strikes on Iran, leading to retaliatory attacks on shipping and a surge in crude oil prices. WTI crude rose from $22 to nearly $43, pushing UCO's value to $43.52, marking a 125% year-to-date increase. Reddit's r/wallstreetbets community has been actively discussing UCO, with a consistently bullish sentiment reflected in user engagement and posts.
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