What was BNO’s net asset value per share at January 31, 2026?

At January 31, 2026, BNO’s net asset value per share was $32.65 , calculated on 4,150,000 shares. This figure reflects the fund’s total net asset value of $135,515,192 after January trading activity and investor subscriptions and redemptions.

United States Brent Oil Fund (BNO) posts $16.4M January 2026 income

Q: What happened to BNO’s net asset value in January 2026?

BNO’s net asset value increased from $100,436,504 to $135,515,192 during January 2026. This rise reflects strong trading results, net income of $16,379,067 , and capital flows from share additions and withdrawals over the month.

Q: How many BNO shares were added and withdrawn in January 2026?

During January 2026, BNO recorded additions of 650,000 shares totaling $20,210,549 and withdrawals of 50,000 shares totaling $1,510,928 . These investor flows, combined with trading performance, contributed to the increase in overall net asset value.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

United States Brent Oil Fund, LP reported a strong January 2026, generating net income of $16,379,067. Total income was $16,483,600, driven mainly by realized trading gains on commodity futures of $8,585,390 and unrealized gains on commodity futures of $7,566,180, with modest dividend and interest income.

Expenses were kept low at $104,533, resulting in a sizable increase in net asset value. Net asset value rose from $100,436,504 at the beginning of the month to $135,515,192 at month-end, helped by additions of 650,000 shares and withdrawals of 50,000 shares. Net asset value per share was $32.65 based on 4,150,000 shares.

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, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

02/27/2026 - 08:05 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISION

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): February 27, 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

(Address of principal executive offices) (Zip Code)

(510) 522-9600
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 February 27, 2026, United States Brent Oil Fund, LP (the “Registrant”) issued its monthly account statement for the month ended January 31, 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:	February 27, 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 January 31, 2026

Statement of Income (Loss)
Income
Realized Trading Gain (Loss) on Commodity Futures	$	8,585,390
Unrealized Gain (Loss) on Market Value of Commodity Futures		7,566,180
Dividend Income		196,592
Interest Income		132,288
ETF Transaction Fees		3,150
Total Income (Loss)	$	16,483,600

Expenses
General Partner Management Fees	$	69,651
Professional Fees		18,865
Brokerage Commissions		8,832
Directors' Fees and insurance		7,185
Total Expenses	$	104,533
Net Income (Loss)	$	16,379,067

Statement of Changes in Net Asset Value
Net Asset Value Beginning of Month 1/1/26	$	100,436,504
Additions (650,000 Shares)		20,210,549
Withdrawals (50,000 Shares)		(1,510,928	)
Net Income (Loss)		16,379,067

Net Asset Value End of Month	$	135,515,192
Net Asset Value Per Share (4,150,000 Shares)	$	32.65

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 January 31, 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

Source: View Original Filing on SEC EDGAR

FAQ

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

United States Brent Oil Fund posted strong results in January 2026, earning net income of $16,379,067. Total income reached $16,483,600, largely from realized and unrealized gains on commodity futures, while expenses stayed low at just $104,533.

What happened to BNO’s net asset value in January 2026?

BNO’s net asset value increased from $100,436,504 to $135,515,192 during January 2026. This rise reflects strong trading results, net income of $16,379,067, and capital flows from share additions and withdrawals over the month.

How much trading income did BNO generate from commodity futures in January 2026?

In January 2026, BNO generated substantial gains from commodity futures, with $8,585,390 in realized trading gains and $7,566,180 in unrealized gains. These futures results made up the bulk of the fund’s total income of $16,483,600.

What were BNO’s expenses for January 2026 and what did they include?

BNO’s total expenses for January 2026 were relatively low at $104,533. These costs included general partner management fees of $69,651, professional fees, brokerage commissions, and directors’ fees and insurance, leaving most income to flow through as net income.

How many BNO shares were added and withdrawn in January 2026?

During January 2026, BNO recorded additions of 650,000 shares totaling $20,210,549 and withdrawals of 50,000 shares totaling $1,510,928. These investor flows, combined with trading performance, contributed to the increase in overall net asset value.

Filing Exhibits & Attachments

4 documents

Press Releases

EX-99.1 EXHIBIT 99.1 14.1 KB