Stock Track | ProShares UltraShort Crude Oil ETF Plunges 6.73% as Strait of Hormuz Tensions Trigger Oil Price Surge
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The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) fell sharply by 6.73% during night session trading, reflecting a significant move in the underlying crude oil market.
The decline in the inverse oil ETF came as Brent crude futures surged nearly 8% following reports of renewed tensions in the Strait of Hormuz. Over the weekend, the U.S. Navy seized an Iranian vessel, while Iran fired upon ships and reinstated control measures in the critical waterway, escalating geopolitical risks and driving a sharp spike in international crude oil prices. The Strait of Hormuz is a vital chokepoint for global oil shipments, and the confrontation has triggered concerns about potential supply disruptions, contradicting earlier predictions of easing tensions.
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