United States Oil ETF (USO Quick QuoteUSO - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has surged 142.96% from its 52-week low price of $65.99 per share.

Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.

USO in Focus

The underlying West Texas Intermediate Light Sweet Crude Oil Index looks to reflect the daily changes of the spot price of light, sweet crude oil delivered to Cushing, OK. The product charges 0.86% in annual fees (see: all Energy ETFs here).

Why the Move?

The energy sector has been an area to watch as the escalation of the Middle East conflict, including retaliatory strikes between Washington and Tehran and renewed clashes involving Saudi Arabia and Iranian proxies, have pushed oil prices to multi-week highs.

Rising expectations of a prolonged conflict could provide another tailwind for the fund, as continued geopolitical tensions are likely to keep oil prices elevated for longer. 

More Gains Ahead?

USO might continue its strong performance in the near term, with a positive weighted alpha of 108.50 (per Barchart.com), which hints at a rally.