BREAKING: Energy funds saw 1.0 billion in net inflows last week, the highest weekly inflow since October 2023. The 4-week average of net inflows into energy funds turned positive for the first time in over a year. As a result, the US Oil ETF, USO, which tracks WTI Crude oil prices, has risen +21% over the last month. This comes as investors rotated into energy assets to hedge against Middle East tensions. Meanwhile, the S&P 500 energy sector has outperformed the S&P 500 by +3.2% year-to-date. Much of the Israel/Iran war is already priced-in.