UCOProShares Ultra Bloomberg Crude Oil

Brent crude futures expiring in September rose to $94.25 per barrel at the time of writing, while WTI crude futures expiring in September were at $87.54 per barrel.

Battalion Oil, Trio Petroleum, United States Oil Fund, and ProShares Ultra Bloomberg Crude Oil stocks jumped overnight after oil prices surged to over $90 a barrel.

Trump said he made the decision following “highly productive conversations” with the leadership of Middle Eastern countries.

Crude prices rally while energy ETFs climb after the U.S. Central Command confirms blockade enforcement will resume on Tuesday.

Trump said in a post on Truth Social that all countries, except Iran, will have fair and open access to the Strait of Hormuz.

During an interview with CNBC, El-Erian said that while the ongoing strikes between the U.S. and Iran are having spillover effects on U.S. equity markets and crude oil prices, the effects are limited.

Oil prices surged in the overnight session on Sunday after the U.S. and Iran attacked each other amid escalating tensions.

Trump’s comment follows multiple U.S. strikes on Iranian sites this week after Iran struck vessels in the Strait of Hormuz.

Market jitters return on fresh U.S.-Iran tensions. Energy, dividend, low-volatility and defensive ETFs could help investors navigate renewed uncertainty.