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The Iran conflict has sent oil prices on a wild ride. If crude keeps climbing toward $100, these three ETFs could be the biggest winners. From the high-volatility USO to the aggressive 2x leveraged UCO, here’s how to play the oil rally.
The Iran conflict has sent oil prices on a wild ride. West Texas Intermediate crude jumped from $65 in late February to nearly $120 on March 9 before settling around $85—still the highest level since late 2023.
But the volatility isn’t over yet. President Trump says the conflict will “end soon,” but with the Strait of Hormuz potentially restricted, $100 oil could return.
Ready to trade oil? Here are three ETFs that could benefit:
1. United States Oil Fund (USO)
The go-to for pure oil exposure. It tracks nearest-month futures contracts, making it the most direct—and volatile—way to play current prices.
2. United States 12 Month Oil Fund (USL)
The safer play. It spreads investments across 12 monthly contracts, historically reducing volatility by 25% compared to USO.
3. ProShares Ultra Bloomberg Crude Oil Fund (UCO)
For aggressive traders only. This fund offers 2x daily exposure but is designed for short-term holding—days, not weeks. High volatility can amplify losses fast.
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This article aggregates publicly available market and broker updates from the source CMS. Verify time-sensitive data directly with official sources before making decisions.
Last update: Apr 12, 2026
