The commodity led the energy complex this window: USO closed 168.19 on October 29 2026 against 153.56 on October 14 (+9.5%), while XOM rose 3.5% to 183.29, CVX 4.2% to 231.46 and XLE 1.6% to 68.71. The reversal of the prior window - when the producers re-rated 8-9% on a flat crude price - is consistent with a premium now being re-struck in the spot market by the collapse of Hormuz transits.