USO's per share Net Asset Value (NAV) decreased by 8.42% from $75.45 at the end of 2024 to $69.10 at the end of 2025. The Benchmark Oil Futures Contract price decreased by 19.94% during 2025, starting at $71.72 per barrel and ending at $57.42 per barrel. USO's actual total return of (8.42)% for 2025 outperformed its benchmark's expected total return of (10.55)% by 2.13%. Average daily total net assets decreased from $1,317,318,881 in 2024 to $979,962,153 in 2025. Dividend and interest income earned on Treasuries, cash, and cash equivalents decreased from $62,865,288 in 2024 to $38,440,265 in 2025. Total expenses for 2025 were $8,456,095, a decrease from $10,798,071 in 2024. USO transitioned its investment portfolio to primarily invest in the Benchmark Oil Futures Contract between September 2023 and January 2024. USO exceeded NYMEX accountability levels for crude oil futures contracts during 2025, holding a maximum of 16,767 contracts against a 10,000 contract limit for any one month, though no action was taken by NYMEX. The transaction fee for Authorized Participants to create or redeem baskets was reduced from $1,000 to $350 per order, effective January 1, 2026. The monthly roll period for futures contracts changed from ten days to five days, effective January 1, 2026.