United States Brent Oil Fund (NYSEARCA:BNO) Sets New 1-Year High – Time to Buy?

United States Brent Oil Fund LP (NYSEARCA:BNO)’s stock price hit a new 52-week high on Thursday. The company traded as high as $68.78 and last traded at $68.78, with a volume of 225,296 shares trading hands. The stock had previously closed at $67.05.

United States Brent Oil Fund News Roundup

Here are the key news stories impacting United States Brent Oil Fund this week:

• Positive Sentiment: Escalating Middle East tensions are the primary catalyst. Houthi militants claimed attacks involving Saudi Arabia, including incidents affecting energy infrastructure, while concerns over renewed U.S.-Iran hostilities and risks around the Strait of Hormuz raised the possibility of broader supply disruptions. Oil Climbs on Threats of a Widening War in Middle East
• Positive Sentiment: Falling U.S. crude inventories are reinforcing the bullish outlook. WTI tested $101 while Brent challenged $115, with tighter available supplies and shipping bottlenecks supporting further upside in crude prices. Oil Prices Rise as Inventory Draws and Middle East Tensions Support Crude
• Positive Sentiment: Market analysts continue to see near-term upside risks. Citi said oil risks remain skewed higher despite recovering Gulf crude exports, because freight constraints and disrupted refined-product flows are keeping delivered fuel supplies tight. Citi Sees Oil Risks Skewed to Upside
• Neutral Sentiment: Supply conditions are mixed. Middle East crude flows have largely recovered toward prewar levels, but regional refined-product flows remain substantially below normal, leaving the market sensitive to additional attacks or shipping disruptions. Kpler Middle East Crude Flows
• Negative Sentiment: Potential government supply responses could limit gains. The United States authorized an emergency release of up to 400,000 barrels from the Strategic Petroleum Reserve, while the administration invoked the Defense Production Act for oil production and refining. These measures may ease short-term supply fears if expanded. Emergency Strategic Reserve Release

United States Brent Oil Fund Stock Up 3.0%

The company’s 50 day moving average price is $59.76 and its 200 day moving average price is $53.01.

Hedge Funds Weigh In On United States Brent Oil Fund

Several hedge funds have recently added to or reduced their stakes in BNO. Empowered Funds LLC acquired a new stake in shares of United States Brent Oil Fund in the 1st quarter valued at approximately $2,872,000. NewEdge Advisors LLC bought a new position in United States Brent Oil Fund during the 1st quarter worth approximately $1,776,000. Lombard Odier Asset Management USA Corp bought a new position in United States Brent Oil Fund during the 1st quarter worth approximately $854,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in United States Brent Oil Fund during the second quarter valued at approximately $456,000. Finally, CVS HEALTH Corp acquired a new position in United States Brent Oil Fund during the first quarter valued at approximately $520,000.

About United States Brent Oil Fund

The United States Brent Oil Fund, LP (BNO) is an exchange-traded fund that is based on the Front Month Brent Crude Oil index. The fund tracks the Brent oil spot price using near-month ICE futures contracts. BNO was launched on Jun 2, 2010 and is managed by US Commodity Funds.