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Crude oil ETFs surge as Trump extends military strikes on Iran for 2-3 more weeks.

Market News
02 Apr 2026
Rishabh Mishra
View Source
Bullish
pluang ai news

U.S. crude oil ETFs, including USO and BNO, jumped sharply after President Trump announced an extension of military operations against Iran for another two to three weeks. This escalation caused Brent and WTI crude futures to rise over 5%, while the S&P 500 showed a historic negative correlation with oil prices, declining amid geopolitical tensions. Trump emphasized U.S. energy independence despite the conflict and warned of targeting Iranian infrastructure if no diplomatic resolution is reached. The ongoing conflict is causing significant market volatility and a rare divergence between energy and equity markets.

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