United States Brent Oil Fund posts May 2026 loss

United States Brent Oil Fund, LP reported a significant trading loss for May 2026.

Rhea-AI Filing Summary

United States Brent Oil Fund, LP reported a significant trading loss for May 2026. For the month ended May 31, 2026, it recorded a net loss of $127,387,324, driven mainly by an unrealized loss on commodity futures of $265,677,650 that outweighed realized trading gains and income.

Net asset value declined from $858,516,466 at the beginning of May to $765,054,342 at month-end, while net asset value per share was $50.17 based on 15,250,000 shares. Management fees and other expenses totaled $634,117, a small portion of overall results, and the general partner affirmed the accuracy and completeness of this monthly account statement.

Positive

• None.

Negative

• Net asset value decline in May 2026: Net income (loss) was a negative $127,387,324 for May 2026, and net asset value fell from $858,516,466 to $765,054,342, reflecting substantial unrealized losses on Brent oil futures.

Insights

Commodities ETF analyst

May 2026 shows a large monthly loss and NAV decline for BNO.

United States Brent Oil Fund posted a net loss of $127,387,324 in May 2026. The main driver was an unrealized loss on the market value of commodity futures of $265,677,650, partially offset by a realized trading gain of $136,479,370 and modest dividend and interest income.

Net asset value fell from $858,516,466 at the start of May to $765,054,342 at month-end, while net asset value per share was $50.17 on 15,250,000 shares. Additions of 2,750,000 shares and withdrawals of 2,250,000 shares show active primary market activity around the fund.

Because this vehicle provides exposure to Brent oil futures, results largely reflect price movements and positioning in those contracts. Subsequent monthly or quarterly disclosures will indicate whether this loss was a short-lived swing or part of a longer performance pattern.

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 gain on futures: $136,479,370 Unrealized loss on futures: $265,677,650 Total expenses: $634,117 +5 more

8 metrics

Realized trading gain on futures $136,479,370 Realized Trading Gain (Loss) on Commodity Futures for May 2026

Unrealized loss on futures $265,677,650 Unrealized Gain (Loss) on Market Value of Commodity Futures for May 2026

Total expenses $634,117 Total Expenses for May 2026

Net income (loss) $127,387,324 loss Net Income (Loss) for the month ended May 31, 2026

Beginning net asset value $858,516,466 Net Asset Value Beginning of Month 5/1/26

Ending net asset value $765,054,342 Net Asset Value End of Month May 31, 2026

Net asset value per share $50.17 Net Asset Value Per Share based on 15,250,000 shares

Share creations in month 2,750,000 shares Additions for the month with value $155,449,162

Key Terms

Net Asset Value, Realized Trading Gain (Loss) on Commodity Futures, Unrealized Gain (Loss) on Market Value of Commodity Futures, General Partner Management Fees, +2 more

6 terms

Net Asset Value financial

"Net Asset Value Beginning of Month 5/1/26 ... Net Asset Value End of Month"

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.

Realized Trading Gain (Loss) on Commodity Futures financial

"Realized Trading Gain (Loss) on Commodity Futures $ 136,479,370"

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

"Unrealized Gain (Loss) on Market Value of Commodity Futures (265,677,650)"

General Partner Management Fees financial

"General Partner Management Fees $ 541,021"

Rule 4.22 regulatory

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

Commodity Exchange Act regulatory

"Pursuant to Rule 4.22(h) 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 May 2026?

United States Brent Oil Fund recorded a net loss of $127,387,324 for May 2026. The loss was driven mainly by a large $265,677,650 unrealized loss on commodity futures that outweighed realized gains and income from dividends, interest, and ETF transaction fees.

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

Net asset value decreased from $858,516,466 at the beginning of May 2026 to $765,054,342 at month-end. Net asset value per share was $50.17 based on 15,250,000 shares, showing the impact of futures-related losses during the month.

What were the main income and loss components for BNO in May 2026?

The fund had a $136,479,370 realized trading gain on commodity futures but a $265,677,650 unrealized loss on those positions. It also earned $1,865,621 in dividend income, $568,252 in interest income, and $11,200 in ETF transaction fees.

How much did BNO pay in expenses during May 2026?

Total expenses were $634,117 for May 2026. This included $541,021 in general partner management fees, $39,854 in professional fees, $46,103 in brokerage commissions, and $7,139 for directors’ fees and insurance, a small portion of overall results.

How did share activity affect BNO during May 2026?

The fund recorded additions of 2,750,000 shares totaling $155,449,162 and withdrawals of 2,250,000 shares totaling $121,523,962. Despite net creations, the net loss of $127,387,324 led to a lower overall net asset value at month-end.

Who certified the May 2026 account statement for BNO?

The account statement was certified under Rule 4.22(h) by Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, BNO’s general partner. He stated the information for the month ended May 31, 2026 is accurate and complete.

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

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Accepted by SEC EDGAR 06/29/2026 - 08:22 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): June 29, 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 June 29, 2026, United States Brent Oil Fund, LP (the “Registrant”) issued its monthly account statement for the month ended May 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:	June 29, 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 May 31, 2026

Statement of Income (Loss)
Income
Realized Trading Gain (Loss) on Commodity Futures		$	136,479,370
Unrealized Gain (Loss) on Market Value of Commodity Futures			(265,677,650	)
Dividend Income			1,865,621
Interest Income			568,252
ETF Transaction Fees			11,200
Total Income (Loss)		$	(126,753,207	)
Expenses
General Partner Management Fees		$	541,021
Professional Fees			39,854
Brokerage Commissions			46,103
Directors' Fees and Insurance			7,139
Total Expenses		$	634,117
Net Income (Loss)		$	(127,387,324	)

Statement of Changes in Net Asset Value
Net Asset Value Beginning of Month 5/1/26		$	858,516,466
Additions (2,750,000 Shares)			155,449,162
Withdrawals (2,250,000 Shares)			(121,523,962	)
Net Income (Loss)			(127,387,324	)
Net Asset Value End of Month		$	765,054,342
Net Asset Value Per Share (15,250,000 Shares)		$	50.17

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 May 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

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 14.2 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