Quick Read – BWET surged 1,003% in 2026 by tracking tanker freight futures, capturing the Hormuz supply shock that USO and XLE only partially reflected. – USO climbed 70% on WTI’s spike to $115, but crude has since dropped 26% while BWET’s freight-rate gains remain intact. -…
routing tankers around Africa doubled voyage distances, and a 17-year-high shipbuilding backlog means new fleet capacity is years away from easing freight rates. – If you own the United States Oil Fund (NYSE:USO) as your bet on the 2026 crude spike, the year has rewarded you. USO is up 70.45% year to date, riding a WTI rally that peaked at $114.58 per barrel on April 7
The Energy Select Sector SPDR Fund (NYSEARCA:XLE), the other default way to own the trade, is up 28.66%. Both are respectable outcomes for holders of USO and XLE. But 2026’s best-performing ETF sits outside both baskets, and outside AI entirely.
The winner is the Breakwave Tanker Shipping ETF (NYSE:BWET), up 1,002.85% year to date. It captured the same geopolitical shock USO is priced against, but through the freight rates, moving the oil rather than the oil itself. Why the Traditional Oil Trade Made Sense The oil futures product tracks the near-month WTI futures contract.