US Brent Oil Fund reports April 2026 results

United States Brent Oil Fund, LP reported strong April 2026 performance in its monthly account statement.

Rhea-AI Filing Summary

United States Brent Oil Fund, LP reported strong April 2026 performance in its monthly account statement. The fund generated net income of $81,162,327, driven by an unrealized gain on commodity futures of $149,818,030, which more than offset a realized trading loss of $70,459,250.

Total income was $81,772,810, supplemented by dividend income of $1,585,142, interest income of $815,938, and ETF transaction fees of $12,950, against relatively modest expenses of $610,483. Net asset value was $858,516,466 at month-end, with a net asset value per share of $58.20 based on 14,750,000 shares outstanding.

Insights

Fund performance analyst

April showed strong net income from futures gains despite realized losses.

United States Brent Oil Fund, LP recorded net income of $81,162,327 for April 2026. A large unrealized gain on the market value of commodity futures of 149,818,030 outweighed a realized trading loss of 70,459,250, highlighting the impact of mark-to-market movements.

Operating costs were low relative to income, with total expenses of only $610,483, including management, professional, and brokerage fees. Net asset value ended the month at $858,516,466, and net asset value per share was $58.20 based on April 30, 2026 figures.

The fund also saw capital flows, with additions of $153,369,950 from 2,900,000 new shares and withdrawals of $327,667,362 from 6,500,000 shares redeemed. Future monthly statements in subsequent periods will show how trading results and investor flows evolve relative to these April levels.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Realized trading loss on futures: $70,459,250 Unrealized gain on futures: 149,818,030 Total income: $81,772,810 +5 more

8 metrics

Realized trading loss on futures $70,459,250 Realized Trading Gain (Loss) on Commodity Futures for April 2026

Unrealized gain on futures 149,818,030 Unrealized Gain (Loss) on Market Value of Commodity Futures for April 2026

Total income $81,772,810 Total Income (Loss) for April 2026

Total expenses $610,483 Total Expenses for April 2026

Net income $81,162,327 Net Income (Loss) for April 2026

End-of-month NAV $858,516,466 Net Asset Value End of Month April 30, 2026

NAV per share $58.20 Net Asset Value Per Share based on 14,750,000 shares

Share additions and withdrawals 2,900,000 added; 6,500,000 withdrawn Changes in shares during April 2026

Key Terms

Realized Trading Gain (Loss) on Commodity Futures, Unrealized Gain (Loss) on Market Value of Commodity Futures, Net Asset Value, Net Asset Value Per Share, +1 more

5 terms

Realized Trading Gain (Loss) on Commodity Futures financial

"Realized Trading Gain (Loss) on Commodity Futures | | $ | (70,459,250 | )"

Unrealized Gain (Loss) on Market Value of Commodity Futures financial

"Unrealized Gain (Loss) on Market Value of Commodity Futures | | | 149,818,030 |"

Net Asset Value financial

"Net Asset Value End of Month | | $ | 858,516,466 |"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

Net Asset Value Per Share financial

"Net Asset Value Per Share (14,750,000 Shares) | | $ | 58.20 |"

Net asset value per share is the total value of a fund’s assets minus its liabilities, divided by the number of outstanding shares, so it represents what each share would be worth if the fund sold everything and paid its debts. Investors use it like a per-share “break-up” price to compare against the market trading price — if shares trade below NAV per share they may be seen as discounted, above it as a premium.

Commodity Exchange Act regulatory

"as required pursuant to Rule 4.22 under the Commodity Exchange Act."

A federal law that creates the rulebook for trading commodity futures and options, setting standards to prevent market manipulation, fraud, and unfair practices. It matters to investors because those rules and the government oversight that enforces them help keep prices honest, ensure transparent reporting, and reduce the risk that markets will be distorted — similar to traffic laws that make driving safer and more predictable.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did United States Brent Oil Fund (BNO) perform in April 2026?

United States Brent Oil Fund reported net income of $81,162,327 for April 2026. This result came from strong unrealized gains on commodity futures that more than offset realized trading losses and modest operating expenses during the month.

What were BNO’s key income components for April 2026?

In April 2026, BNO had a realized trading loss of $70,459,250 and an unrealized gain of $149,818,030. It also earned $1,585,142 in dividends, $815,938 in interest income, and $12,950 in ETF transaction fees.

What was United States Brent Oil Fund’s net asset value at April 30, 2026?

At April 30, 2026, United States Brent Oil Fund reported a net asset value of $858,516,466. Based on 14,750,000 shares outstanding, this translated into a net asset value per share of $58.20 at month-end.

How did share creations and redemptions affect BNO in April 2026?

During April 2026, BNO recorded additions of 2,900,000 shares, contributing $153,369,950, and withdrawals of 6,500,000 shares, removing $327,667,362. These flows, combined with net income, led to an end-of-month net asset value of $858,516,466.

What expenses did United States Brent Oil Fund incur in April 2026?

In April 2026, United States Brent Oil Fund incurred total expenses of $610,483. These included general partner management fees of $528,771, professional fees of $23,894, brokerage commissions of $50,910, and directors’ fees and insurance of $6,908.

Where can investors find BNO’s April 2026 monthly account statement?

Investors can access BNO’s April 2026 monthly account statement as Exhibit 99.1 to the report and on the sponsor’s website at www.uscfinvestments.com. The report includes a Statement of Income (Loss) and a Statement of Changes in Net Asset Value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/28/2026 - 08:31 AM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 28, 2026

UNITED STATES BRENT OIL FUND, LP

(Exact name of registrant as specified in its charter)

Delaware	001-34704	27-0925904
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1850 Mt. Diablo Boulevard, Suite 640

Walnut Creek, California 94596

(510) 522-9600	(Address of principal executive offices) (Zip Code)
Registrant’s telephone number,
including area code

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨    Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered:
Shares of United States Brent Oil Fund, LP		BNO		NYSE Arca, Inc.

Item 7.01. Regulation FD Disclosure.

On May 28, 2026, United States Brent Oil Fund, LP (the “Registrant”) issued its monthly account statement for the month ended April 30, 2026, which is presented in the form of a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, as required pursuant to Rule 4.22 under the Commodity Exchange Act. A copy of the monthly account statement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and also can be found on the Registrant’s website at www.uscfinvestments.com. The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 99.1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		UNITED STATES BRENT OIL FUND, LP
		By:	United States Commodity Funds LLC, its general partner
Date:	May 28, 2026	By:	/s/ Stuart P. Crumbaugh
		Name:	Stuart P. Crumbaugh
		Title:	Chief Financial Officer

Exhibit 99.1

United States Brent Oil Fund, LP

Monthly Account Statement

For the Month Ended April 30, 2026

Statement of Income (Loss)
Income
Realized Trading Gain (Loss) on Commodity Futures		$	(70,459,250	)
Unrealized Gain (Loss) on Market Value of Commodity Futures			149,818,030
Dividend Income			1,585,142
Interest Income			815,938
ETF Transaction Fees			12,950
Total Income (Loss)		$	81,772,810
Expenses
General Partner Management Fees		$	528,771
Professional Fees			23,894
Brokerage Commissions			50,910
Directors' Fees and Insurance			6,908
Total Expenses		$	610,483
Net Income (Loss)		$	81,162,327

Statement of Changes in Net Asset Value
Net Asset Value Beginning of Month 4/1/26		$	951,651,551
Additions (2,900,000 Shares)			153,369,950
Withdrawals (6,500,000 Shares)			(327,667,362	)
Net Income (Loss)			81,162,327
Net Asset Value End of Month		$	858,516,466
Net Asset Value Per Share (14,750,000 Shares)		$	58.20

To the Limited Partners of United States Brent Oil Fund, LP:

Pursuant to Rule 4.22(h) under the Commodity Exchange Act, the undersigned represents that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended April 30, 2026 is accurate and complete.

/s/ Stuart P. Crumbaugh

Stuart P. Crumbaugh

Chief Financial Officer

United States Commodity Funds LLC, General Partner of United States Brent Oil Fund, LP

United States Commodity Funds LLC

1850 Mt. Diablo Boulevard, Suite 640

Walnut Creek, CA 94596

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 14.6 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.0 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 33.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 21.9 KB