Escalation of Middle East Conflict: Ongoing geopolitical tensions and disruptions in key oil-producing regions, such as the Middle East, directly contribute to supply uncertainty and can cause significant surges in crude oil prices, thereby impacting USO's value.

OPEC+ Production Adjustments and Global Supply Concerns: Decisions made by OPEC+ regarding oil production levels, as well as broader global supply concerns, directly influence the overall availability of crude oil in the market. These adjustments can lead to significant price fluctuations, which USO, as an oil-tracking ETF, is highly sensitive to.

Global Economic Growth and Demand: The strength or weakness of the global economy, as indicated by economic data such as US GDP, PCE, and CPI, directly affects the demand for crude oil. Strong economic growth typically increases demand and prices, while a slowdown can depress them, making this a critical factor for USO.