Form 8-K

8-K — United States Oil Fund, LP

Accession: 0002071876-26-000071

Filed: 2026-03-27

Period: 2026-03-27

CIK: 0001327068

SIC: 6221 ()

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — i26133_uso-8k.htm (Primary)

EX-99.1 (i26133_ex99-1.htm)

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8-K (Primary)

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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): March 27, 2026

UNITED

STATES OIL FUND, LP

(Exact

name of registrant as specified in its charter)

Delaware

001-32834

20-2830691

(State or other jurisdiction

(Commission File Number)

(I.R.S. Employer

of incorporation)

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 Oil Fund, LP

USO

NYSE Arca, Inc.

Item 7.01. Regulation

FD Disclosure.

On March 27, 2026, United States Oil Fund, LP (the “Registrant”),

issued its annual financial statements for the year ended December 31, 2025, as required pursuant to Rule 4.22 under the Commodity Exchange

Act. A copy of the annual financial statements 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    Annual Financial Statements of the Registrant for the year ended December 31, 2025.

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 OIL FUND, LP

By:

United States Commodity Funds

LLC, its general partner

Date:

March 27, 2026

By:

/s/ Stuart

P. Crumbaugh

Name:

Stuart P. Crumbaugh

Title:

Chief Financial Officer

EX-99.1

EX-99.1

Filename: i26133_ex99-1.htm · Sequence: 2

Exhibit 99.1

UNITED

STATES COMMODITY FUNDS LLC

General

Partner of the United States Oil Fund, LP

March 27, 2026

Dear United

States Oil Fund, LP Investor,

Enclosed with

this letter is your copy of the 2025 financial statements for the United States Oil Fund, LP (ticker symbol “USO”). We have

mailed this statement to all investors in USO who held shares as of December 31, 2025 to satisfy our annual reporting requirement under

federal commodities laws. In addition, the current United States Commodity Funds LLC (“USCF”) Privacy Policy applicable to

USO is available on USCF’s website at www.uscfinvestments.com.

Additional information concerning USO’s 2025 results may be found by referring to USO’s Annual Report on Form 10-K (the “Form

10-K”), which has been filed with the U.S. Securities and Exchange Commission (the “SEC”). You may obtain a copy of

the Form 10-K by going to the SEC’s website at www.sec.gov,

or by going to USCF’s website at www.uscfinvestments.com.

You may also call USCF at 1-800-920-0259 to speak to a representative

and request additional material, including a current USO Prospectus.

USCF is the

general partner of USO. USCF is also the general partner or sponsor and operator of several other commodity-based exchange-traded funds.

These other funds are referred to in the attached financial statements and include:

United

States Natural Gas Fund, LP

(ticker

symbol: UNG)

United

States Commodity Index Fund

(ticker

symbol: USCI)

United

States 12 Month Oil Fund, LP

(ticker

symbol: USL)

United

States Copper Index Fund

(ticker

symbol: CPER)

United

States Gasoline Fund, LP

(ticker

symbol: UGA)

United

States 12 Month Natural Gas Fund, LP

(ticker

symbol: UNL)

United

States Brent Oil Fund, LP

(ticker

symbol: BNO)

Information

about these other funds is contained within the Form 10-K as well as in the current USO Prospectus. Investors in USO who wish to receive

additional information about these other funds may do so by going to the USCF website at www.uscfinvestments.com.

You may also

call USCF at 1-800-920-0259 to request additional information.

Thank you for

your continued interest in USO.

Regards,

/s/

John P. Love

John P. Love

President and

Chief Executive Officer

United States

Commodity Funds LLC

*This letter

is not an offer to buy or sell securities. Investment in USO or any other funds should be made only after reading such fund’s prospectus.

Please consult the relevant prospectus for a description of the risks and expenses involved in any such investment.

UNITED

STATES OIL FUND, LP FINANCIAL STATEMENTS

For the years

ended December 31, 2025, 2024 and 2023

AFFIRMATION

OF THE COMMODITY POOL OPERATOR

To the Shareholders

of the United States 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 this Annual Report for the years ended December 31, 2025, 2024 and 2023 is accurate and complete.

By

United States

Commodity Funds LLC, as General Partner

By:

/s/

John P. Love

John P. Love

President &

Chief Executive Officer of United States Commodity Funds LLC

On behalf of

United States Oil Fund, LP

REPORT

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of

United States

Oil Fund, LP

Opinions

on the Financial Statements and Internal Control over Financial Reporting

We have audited

the accompanying statements of financial condition, including the schedules of investments, of United States Oil Fund, LP (the “Fund”)

as of December 31, 2025 and 2024, the related statements of operations, changes in partners’ capital, and cash flows for each of

the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”).

We also have audited the Fund’s internal control over financial reporting as of December 31, 2025, based on criteria established

in Internal Control – Integrated Framework (2013) issued

by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

In our opinion,

the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December

31, 2025 and 2024, the results of its operations, changes in partners’ capital, and its cash flows for each of the years in the

three-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Fund maintained, in all material respects, effective internal control over financial reporting as of December

31, 2025, based on criteria established in Internal Control – Integrated

Framework (2013) issued by COSO.

Basis

for Opinions

The Fund’s

management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for

its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s

Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Fund’s

financial statements and an opinion on the Fund’s internal control over financial reporting based on our audits. We are a public

accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required

to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations

of the Securities and Exchange Commission and the PCAOB.

We conducted

our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable

assurance about whether the financial statements are free of material misstatements, whether due to error or fraud, and whether effective

internal control over financial reporting was maintained in all material respects.

Our audits of

the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether

due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence

regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used

and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of

internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing

the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based

on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe

that our audits provide a reasonable basis for our opinions.

Definition

and Limitations of Internal Control over Financial Reporting

A company’s

internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance

of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance

with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with

authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection

of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its

inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation

of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that

the degree of compliance with the policies or procedures may deteriorate.

Critical

Audit Matters

Critical audit

matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated

to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved

especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

We have served

as the Fund’s auditor since 2023.

COHEN & COMPANY,

LTD.

Philadelphia, Pennsylvania

February 27,

2026

United

States Oil Fund, LP

Statements

of Financial Condition

At December 31, 2025 and December 31, 2024

December 31,

2025

December 31,

2024

Assets

Cash and cash equivalents (at cost $651,873,522 and $727,450,000, respectively) (Notes 2 and 5)

$ 651,873,522

$ 727,450,000

Equity in trading accounts:

Cash and cash equivalents (at cost $241,747,983 and $280,259,886, respectively)

241,747,983

280,259,886

Unrealized gain (loss) on open commodity futures contracts

(7,910,690 )

28,431,020

Unrealized gain (loss) on open swap contracts

964,023

(2,068 )

Due from Broker

—

13,487,676

Receivable for shares sold

—

45,270,292

Dividends receivable

1,794,515

2,777,123

Interest receivable

1,048,791

1,366,692

Prepaid insurance

100,216

42,308

ETF transaction fees receivable

—

1,000

Total Assets

$ 889,618,360

$ 1,099,083,929

Liabilities and Partners’ Capital

Payable due to Broker

$ 1,065,473

$ 7,872,455

General Partner management fees payable (Note 3)

363,997

436,917

Professional fees payable

2,026,648

2,011,267

Due to custody

—

318,003

Brokerage commissions payable

—

119,336

Directors’ fees payable

28,436

33,106

License fees payable

57,394

69,358

Total Liabilities

3,541,948

10,860,442

Commitments and Contingencies (Notes 3, 4 & 5)

Partners’ Capital

General Partners

—

—

Limited Partners

886,076,412

1,088,223,487

Total Partners’ Capital

886,076,412

1,088,223,487

Total Liabilities and Partners’ Capital

$ 889,618,360

$ 1,099,083,929

Limited Partners’ shares outstanding

12,823,603

14,423,603

Net asset value per share

$ 69.10

$ 75.45

Market value per share

$ 69.16

$ 75.55

See

accompanying notes to financial statements.

United

States Oil Fund, LP

Schedule

of Investments

At

December 31, 2025

Notional

Amount

Number of

Contracts

Fair

Value/Unrealized

Gain (Loss) on

Open

Commodity

Contracts

% of Partners’

Capital

Open Commodity Futures Contracts—Long

United States Contracts

NYMEX WTI Crude Oil Futures CL February 2026 contracts, expiring January 2026*

$ 764,706,290

13,180

$ (7,910,690 )

(0.89 )

Shares/Principal

Amount

Market Value

% of

Partners’

Capital

Cash Equivalents

United States Money Market Funds

Dreyfus Institutional Preferred Government Money Market Fund—Institutional Shares, 3.71%#

340,000,000

$ 340,000,000

38.37

Morgan Stanley Institutional Liquidity Funds—Government Portfolio—Institutional Shares, 3.69%#

260,000,000

260,000,000

29.34

Total United States Money Market Funds

$ 600,000,000

67.71

Open

OTC Commodity Swap Contracts

Fund Receives from

Counterparty

Fund Pays

Counterparty

Counterparty

Payment

Frequency

Expiration

Date

Notional

Amount

Fair Value/Open

Commodity

Swap

Contracts

Upfront

Payments/

(Premiums

Received)

Unrealized Gain

(Loss) on

Commodity

Swap

Contracts(a)

MACQUARIE MQCP361E 07212025

Index(b)

0.26 %

Macquarie

Bank Ltd.

monthly

01/21/2026

$ 67,552,633

$ 67,552,151

—

$ (482 )

SOC GEN SGIXCWTI 12182025

Index(b)

0.25 %

Societe Generale

monthly

06/18/2026

$ 60,833,138

$ 61,797,643

—

$ 964,505

Total Open OTC Commodity Swap Contracts^

$ 128,385,771

$ 129,349,794

—

$ 964,023

(a) Reflects

the SocGen and Macquarie values at reset dates of December 19 and December 31, 2025, respectively.

(b) Custom

index comprised of a basket of underlying instruments.

* Collateral

amounted to $237,047,494 on open commodity futures contracts.

^ Collateral amounted to $4,700,489

on open OTC commodity swap contracts.

# Reflects

the 7-day yield at December 31, 2025.

See

accompanying notes to financial statements.

United

States Oil Fund, LP

Schedule

of Investments

At

December 31, 2024

Notional

Amount

Number of

Contracts

Fair

Value/Unrealized

Gain (Loss) on

Open

Commodity

Contracts

% of Partners’

Capital

Open Commodity Futures Contracts—Long

United States Contracts

NYMEX WTI Crude Oil Futures CL February 2025 contracts, expiring January 2025*

$ 766,513,460

11,084

$ 28,431,020

2.61

Shares/Principal

Amount

Market Value

% of

Partners’

Capital

Cash Equivalents

United States Money Market Funds

Morgan Stanley Institutional Liquidity Funds—Government Portfolio—Institutional Shares, 4.43%#

727,450,000

$ 727,450,000

66.85

Total United States Money Market Funds

$ 727,450,000

66.85

Open

OTC Commodity Swap Contracts

Fund Receives from

Counterparty

Fund Pays

Counterparty

Counterparty

Payment

Frequency

Expiration

Date

Notional

Amount

Fair Value/Open

Commodity

Swap

Contracts

Upfront

Payments/

(Premiums

Received)

Unrealized Gain

(Loss) on

Commodity

Swap

Contracts(a)

SOC GEN SGIXCWTI 12202024

Index(b)

0.25 %

Societe Generale

monthly

06/20/2025

$ 123,976,793

$ 123,975,932

—

$ (861 )

MACQUARIE MQCP361E 07192024

Index(b)

0.26 %

Macquarie Bank Ltd.

monthly

01/21/2025

$ 169,418,314

$ 169,417,107

—

$ (1,207 )

Total Open OTC Commodity Swap Contracts˄

$ 293,395,107

$ 293,393,039

—

$ (2,068 )

(a) Reflects

the value at reset date of December 31, 2024.

(b) Custom

index comprised of a basket of underlying instruments.

* Collateral

amounted to $263,049,397 on open commodity futures contracts.

^ Collateral amounted to $17,210,489

on open OTC commodity swap contracts.

# Reflects

the 7-day yield at December 31, 2024.

See

accompanying notes to financial statements.

United

States Oil Fund, LP

Statements

of Operations

For the years ended December 31, 2025, 2024 and 2023

Year ended

December 31,

2025

Year ended

December 31,

2024

Year ended

December 31,

2023

Income

Gain (loss) on trading of commodity futures and swap contracts:

Realized gain (loss) on closed commodity futures contracts

$ (41,170,050 )

$ 121,123,950

$ (63,502,154 )

Realized gain (loss) on swap contracts

(18,416,818 )

22,162,096

(24,349,916 )

Change in unrealized gain (loss) on open commodity futures contracts

(36,341,710 )

25,379,090

(19,134,006 )

Change in unrealized gain (loss) on open OTC commodity swap contracts

966,091

(162 )

2,239

Dividend income

22,588,422

22,216,952

18,703,141

Interest income

15,851,843

40,648,336

53,007,019

ETF transaction fees

320,800

386,000

374,000

Total Income (Loss)

$ (56,201,422 )

$ 231,916,262

$ (34,899,677 )

Expenses

General Partner management fees (Note 3)

$ 4,409,002

$ 5,922,838

$ 7,138,269

Professional fees

2,071,000

2,723,054

2,184,411

Brokerage commissions

1,491,084

1,528,286

860,102

Directors’ fees and insurance

338,042

426,465

723,121

License fees

146,967

197,428

237,942

Total Expenses

$ 8,456,095

$ 10,798,071

$ 11,143,845

Net Income (Loss)

$ (64,657,517 )

$ 221,118,191

$ (46,043,522 )

Net Income (Loss) per limited partner share

$ (6.35 )

$ 8.54

$ (3.14 )

Net Income (Loss) per weighted average limited partner share

$ (4.81 )

$ 12.47

$ (2.01 )

Weighted average limited partner shares outstanding

13,439,493

17,729,341

22,963,603

See

accompanying notes to financial statements.

United

States Oil Fund, LP

Statements

of Changes in Partners’ Capital

For the years ended December 31, 2025, 2024 and 2023

Limited Partners*

Year ended

December 31,

2025

Year ended

December 31,

2024

Year ended

December 31,

2023

Balances at beginning of year

$ 1,088,223,487

$ 1,567,345,541

$ 1,977,015,338

Addition of 91,200,000, 109,400,000 and 90,500,000 partnership shares, respectively

6,658,884,503

8,093,919,564

6,352,472,014

Redemption of (92,800,000), (118,400,000) and (95,300,000) partnership shares, respectively

(6,796,374,061 )

(8,794,159,809 )

(6,716,098,289 )

Net income (loss)

(64,657,517 )

221,118,191

(46,043,522 )

Balances at end of year

$ 886,076,412

$ 1,088,223,487

$ 1,567,345,541

* General

Partners’ shares outstanding and capital for the periods presented were zero.

See

accompanying notes to financial statements.

United

States Oil Fund, LP

Statements

of Cash Flows

For the years ended December 31, 2025, 2024 and 2023

Year ended

December 31,

2025

Year ended

December 31,

2024

Year ended

December 31,

2023

Cash Flows from Operating Activities:

Net income (loss)

$ (64,657,517 )

$ 221,118,191

$ (46,043,522 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Change in unrealized (gain) loss on open commodity futures contracts

36,341,710

(25,379,090 )

19,134,006

Change in unrealized (gain) loss on open swap contracts

(966,091 )

162

(2,239 )

(Increase) decrease in dividends receivable

982,608

(1,316,693 )

2,452,991

(Increase) decrease in interest receivable

317,901

3,279,589

(1,818,766 )

(Increase) decrease in prepaid insurance

(57,908 )

29,872

69,464

(Increase) decrease in ETF transaction fees receivable

1,000

1,000

(2,000 )

(Increase) decrease in receivable due from Broker

13,487,676

(13,487,676 )

—

Increase (decrease) payable due to custody

(318,003 )

318,003

(1,012,851 )

Increase (decrease) in payable due to Broker

(6,806,982 )

(9,056,391 )

15,540,859

Increase (decrease) in General Partner management fees payable

(72,920 )

(137,232 )

(274,652 )

Increase (decrease) in professional fees payable

15,381

381,437

(812,220 )

Increase (decrease) in brokerage commissions payable

(119,336 )

—

11,874

Increase (decrease) in directors’ fees payable

(4,670 )

113

(9,220 )

Increase (decrease) in license fees payable

(11,964 )

(12,603 )

(22,209 )

Net cash provided by (used in) operating activities

(21,869,115 )

175,738,682

(12,788,485 )

Cash Flows from Financing Activities:

Addition of partnership shares

6,704,154,795

8,162,434,498

6,238,686,788

Redemption of partnership shares

(6,796,374,061 )

(8,794,159,809 )

(6,716,098,289 )

Net cash provided by (used in) financing activities

(92,219,266 )

(631,725,311 )

(477,411,501 )

Net Increase (Decrease) in Cash and Cash Equivalents

(114,088,381 )

(455,986,629 )

(490,199,986 )

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of year

1,007,709,886

1,463,696,515

1,953,896,501

Total Cash, Cash Equivalents and Equity in Trading Accounts, end of year

$ 893,621,505

$ 1,007,709,886

$ 1,463,696,515

Components of Cash, Cash Equivalents and Equity in Trading Accounts:

Cash and cash equivalents

$ 651,873,522

$ 727,450,000

$ 952,408,574

Equity in Trading Accounts:

Cash and cash equivalents

241,747,983

280,259,886

511,287,941

Total Cash, Cash Equivalents and Equity in Trading Accounts

$ 893,621,505

$ 1,007,709,886

$ 1,463,696,515

See

accompanying notes to financial statements.

United

States Oil Fund, LP

Notes to

Financial Statements

For the years ended December 31, 2025, 2024 and 2023

NOTE 1 —

ORGANIZATION AND BUSINESS

The United States

Oil Fund, LP (“USO”) was organized as a limited partnership under the laws of the state of Delaware on May 12, 2005. USO

is a commodity pool that issues limited partnership interests (“shares”) that are traded on the NYSE Arca, Inc. (the “NYSE

Arca”). Prior to November 25, 2008, USO’s shares traded on the American Stock Exchange (the “AMEX”). USO will

continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Seventh Amended and Restated

Agreement of Limited Partnership dated as of December 15, 2017 (the “LP Agreement”), which grants full management control

to its general partner, United States Commodity Funds LLC (“USCF”). The investment objective of USO is for the daily changes

in percentage terms of its shares’ per share net asset value (“NAV”) to reflect the daily changes in percentage terms

of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of the Benchmark

Oil Futures Contract, plus interest earned on USO’s collateral holdings, less USO’s expenses. The Benchmark Oil Futures Contract

is the futures contract for light, sweet crude oil as traded on the New York Mercantile Exchange (the “NYMEX”) that is the

near month contract to expire and changes, over a five-day period, into the NYMEX futures contract that is the next month to expire.

The change from the near month contract to the next month contract occurs at the beginning of each month and will be approximately proportional,

relative to total net assets, over each day of the five-day roll period.

USO seeks to

achieve its investment objective by investing so that the average daily percentage change in USO’s NAV for any period of 30 successive

valuation days will be within plus/minus ten percent (10)% of the average daily percentage change in the price of the Benchmark Oil Futures

Contract over the same period. As a result, investors should be aware that USO would meet its investment objective even if there are

significant deviations between changes in its daily NAV and changes in the daily price of the Benchmark Oil Futures Contract provided

that the average daily percentage change in USO’s NAV over 30 successive valuation days is within plus/minus ten percent (10%)

of the average daily percentage change in the price of the Benchmark Oil Futures Contract over the same period.

USO seeks to

achieve its investment objective by investing primarily in futures contracts for light, sweet crude oil and other types of crude oil,

diesel-heating oil, gasoline, natural gas and other petroleum-based fuels that are traded on the NYMEX, ICE Futures or other U.S. and

foreign exchanges (collectively, “Oil Futures Contracts”) and to a lesser extent, in order to comply with regulatory requirements,

risk mitigation measures (including those that may be taken by USO, USO’s futures commission merchants (“FCMs”), counterparties

or other market participants), liquidity requirements, or in view of market conditions, other oil-related investments such as cash-settled

options on Oil Futures Contracts, forward contracts for oil, cleared swap contracts and over-the-counter (“OTC”) transactions

that are based on the price of crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels, Oil Futures Contracts

and indices based on the foregoing (collectively, “Other Oil-Related Investments”). As of December 31, 2025, USO held 13,180

Oil Futures Contracts for light, sweet crude oil traded on the NYMEX and did not hold any Oil Futures Contracts for light, sweet crude

oil traded on the ICE Futures Europe.

Following the

significant market volatility that occurred in the Spring of 2020 and the market conditions, regulatory requirements and risk mitigation

measures taken by USO and USO’s FCM that impacted USO as a result thereof, USO disclosed its parameters for making decisions regarding

the permitted investments USO would hold, including the intended order of priority in selecting investments and the type of investments

to be held in its portfolio. Beginning with the monthly roll in September 2023 and ending with the monthly roll in January 2024, USO

transitioned its investment portfolio to primarily invest in the Benchmark Oil Futures Contract, consistent with USO’s investment

strategy prior to the Spring of 2020. However, USO has had, and will continue to have, the ability to invest in Oil Futures Contracts

beyond the Benchmark Oil Futures Contract and Other Oil-Related Investments, such as OTC swaps, and USO may make such investments if

market conditions, (including but not limited to those allowing USO to obtain greater liquidity (i.e., liquidity requirements) or to

execute transactions with more favorable pricing), regulatory requirements (including, but not limited to, exchange accountability levels

and position limits imposed by NYMEX as well as statutory or regulatory limits), risk mitigation measures (including those that may be

taken by USO, USO’s FCMs, counterparties or other market participants), or other factors require USO to do so in order to meet

its investment objective. USO may invest in Oil Futures Contracts beyond the Benchmark Oil Futures Contract, and/or Other Oil-Related

Investments, as a result of, or in response to, any of the foregoing factors. In addition, USO may need to hold significant portions

of its portfolio in cash beyond what it has historically held for reasons including (but not limited to) the need to address changes

in market conditions, regulatory requirements or risk mitigation measures or the need to satisfy potential margin requirements.

Investors should

be aware that USO’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot price

of light, sweet crude oil or any particular futures contract based on light, sweet crude oil, nor is USO’s investment objective

for the percentage change in its NAV to reflect the percentage change of the price of any particular futures contract as measured over

a time period greater than one day. This is because natural market forces called contango and backwardation have impacted, and may in

the future impact, the total return on an investment in USO’s shares relative to a hypothetical direct investment in crude oil

and, in the future, it is likely that the relationship between the market price of USO’s shares and changes in the spot prices

of light, sweet crude oil will continue to be impacted by contango and backwardation. While USO’s shares may be impacted by contango

and backwardation, the potential costs associated with physically owning and storing crude oil, could be substantial. USCF believes that

it is not practical to manage the portfolio to achieve the foregoing investment objective when investing in Oil Futures Contracts (as

defined below) and Other Oil-Related Investments (as defined below).

USO commenced

investment operations on April 10, 2006 and has a fiscal year ending on December 31. USCF is responsible for the management of USO. USCF

is a member of the National Futures Association (the “NFA”) and became registered as a commodity pool operator (“CPO”)

with the Commodity Futures Trading Commission (the “CFTC”) effective December 1, 2005 and a swaps firm on August 8, 2013.

USCF is also

the general partner of the United States Natural Gas Fund, LP (“UNG”), the United States 12 Month Oil Fund, LP (“USL”),

the United States Gasoline Fund, LP (“UGA”), the United States 12 Month Natural Gas Fund, LP (“UNL”) and the

United States Brent Oil Fund, LP (“BNO”).

USCF is also

the sponsor of the United States Commodity Index Funds Trust (“USCIFT”), a Delaware statutory trust and each of its series:

the United States Commodity Index Fund (“USCI”) and the United States Copper Index Fund (“CPER”).

UNG, UGA, UNL,

USL, BNO, USCI and CPER are referred to collectively herein as the “Related Public Funds.”

USO issues shares

to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 100,000 shares (“Creation

Baskets”) through ALPS Distributors, Inc., as the marketing agent (the “Marketing Agent”). The purchase price for a

Creation Basket is based upon the NAV of a share calculated shortly after the close of the core trading session on the NYSE Arca on the

day the order to create the basket is properly received.

Authorized Participants

pay USO a transaction fee of $1,000 for each order they place to create one or more Creation Baskets or to redeem one or more baskets

(“Redemption Baskets”), consisting of 100,000 shares. Effective January 1, 2026 the transaction fee amount paid by Authorized

Participants to create or redeem one or more Creation Baskets or Redemption Baskets was be reduced from $1,000 per order to $350 per

order. Shares may be purchased or sold on a nationally recognized securities exchange in smaller increments than a Creation Basket or

Redemption Basket. Shares purchased or sold on a nationally recognized securities exchange are not purchased or sold at the per share

NAV of USO but rather at market prices quoted on such exchange.

In April 2006,

USO initially registered 17,000,000 shares on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”). On April

10, 2006, USO listed its shares on the AMEX under the ticker symbol “USO” and switched to trading on the NYSE Arca under

the same ticker symbol on November 25, 2008. On that day, USO established its initial per share NAV by setting the price at $67.39 and

issued 200,000 shares in exchange for $13,479,000. USO also commenced investment operations on April 10, 2006, by purchasing Oil Futures

Contracts traded on the NYMEX based on light, sweet crude oil. USO has an unlimited number of shares available for issuance. On August

29, 2023, the SEC declared effective a registration statement filed by USO that registered an unlimited number of shares. As a result,

USO has an unlimited number of shares that can be issued in the form of Creation Baskets.

NOTE 2 —

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis

of Presentation

The financial

statements have been prepared in conformity with U.S. GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”)

Accounting Standards Codification. USO is an investment company for accounting purposes and follows the accounting and reporting guidance

in FASB Topic 946.

Revenue

Recognition

Commodity futures

contracts, swap and forward contracts, physical commodities and related options are recorded on the trade date. All such transactions

are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the

statements of financial condition and represent the difference between the original contract amount and the market value (as determined

by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for swap and forward

contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial

statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. USO earns income

on funds held at the custodian or FCMs at prevailing market rates earned on such investments.

Income

Taxes

USO is not

subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss, deductions or credits on his/her

own income tax return.

In accordance

with U.S. GAAP, USO is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable

taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position.

USO files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. USO is not subject

to income tax return examinations by major taxing authorities for years before 2021. The tax benefit recognized is measured as the largest

amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax

benefit previously recognized results in USO recording a tax liability that reduces net assets. However, USO’s conclusions regarding

this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis

of and changes to tax laws, regulations and interpretations thereof. USO recognizes interest accrued related to unrecognized tax benefits

and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been

recognized as of and for the year ended December 31, 2025.

Creations

and Redemptions

Authorized Participants may

purchase Creation Baskets or redeem Redemption Baskets only in blocks of 100,000 shares at a price equal to the NAV of the shares

calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed.

USO receives

or pays the proceeds from shares sold or redeemed within two business days after the trade date of the purchase or redemption.

The amounts due from Authorized Participants are reflected in USO’s statements of financial condition as receivable for shares

sold and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed.

Authorized Participants

pay USO a $1,000 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets.

Effective January 1, 2026 the transaction fee amount paid by Authorized Participants to create or redeem one or more Creation Baskets

or Redemption Baskets was reduced from $1,000 per order to $350 per order.

Partnership Capital

and Allocation of Partnership Income and Losses

Profit or loss

shall be allocated among the partners of USO in proportion to the weighted-average number of shares each partner holds as of the close

of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement.

Calculation

of Per Share NAV

USO’s

per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities

and dividing that amount by the total number of shares outstanding. USO uses the closing price for the contracts on the relevant exchange

on that day to determine the value of contracts held on such exchange.

Net

Income (Loss) Per Share

Net income (loss)

per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average

number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average

shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed

based on the amount of time the shares were outstanding during such period. There were no shares held by USCF at December 31, 2025.

Cash

Equivalents

Cash equivalents

include money market funds and overnight deposits or time deposits with original maturity dates of three months or less.

Use

of Estimates

The preparation

of financial statements in conformity with U.S. GAAP requires USCF to make estimates and assumptions that affect the reported amount

of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported

amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions.

Recently

Issued Accounting Pronouncement

USO adopted

FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU

2023-07”). USO operates in one segment. The segment derives its revenues from investments made in accordance with the defined investment

strategy of USO, as prescribed in USO’s prospectus. The Chief Operating Decision Maker (“CODM”) is the Chief Executive

Officer (“CEO”) of the general partner, USCF. The CODM monitors the operating results of the Fund as part of making decisions

for allocating resources and evaluating performance.

NOTE 3 —

FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS

USCF

Management Fee

Under the LP

Agreement, USCF is responsible for investing the assets of USO in accordance with the objectives and policies of USO. In addition,

USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services

to USO. For these services, USO is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.45% per

annum of average daily total net assets.

Ongoing

Registration Fees and Other Offering Expenses

USO pays all

costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering. These costs include registration

or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other

expenses associated with such offer and sale. For the years ended December 31, 2025, 2024 and 2023, USO did not incur in registration

fees and other offering expenses.

Independent

Directors’ and Officers’ Expenses

USO is responsible

for paying its portion of the directors’ and officers’ liability insurance for USO and the Related Public Funds and the fees

and expenses of the independent directors who also serve as audit committee members of USO and the Related Public Funds. USO shares the

fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each Related

Public Fund computed on a daily basis. These fees and expenses for the year ending December 31, 2025 were a total of $338,042 for USO

and, in the aggregate for USO and the Related Public Funds, $754,349. For the year ended December 31, 2024 these fees and expenses were

$426,465 for USO and, in the aggregate for USO and the Related Public Funds, $916,574 For the year ended December 31, 2023, these fees

and expenses were $723,121 for USO and, in the aggregate for USO and Related Public Funds, $1,210,000.

Licensing Fees

As discussed

in Note 4 below, USO entered into a licensing agreement with the NYMEX on April 10, 2006, as amended on October 20, 2011. Pursuant to

the agreement, USO and the Related Public Funds, other than BNO, USCI and CPER, pay a licensing fee that is equal to 0.015% on all net

assets. During the years ended December 31, 2025, 2024 and 2023, USO incurred $146,967, $197,428, and $237,942, respectively under this

arrangement.

Investor

Tax Reporting Cost

The fees and

expenses associated with USO’s audit expenses and tax accounting and reporting requirements are paid by USO. These costs were $2,071,000

for the year ending December 31, 2025. For the years ending December 31, 2024 and 2023 USO’s investor reporting costs were $2,540,054

and $2,115,461, respectively. Tax reporting costs fluctuate between years due to the number of shareholders during any given year.

Other

Expenses and Fees

In addition

to the fees described above, USO pays all brokerage fees and other expenses in connection with the operation of USO, excluding costs

and expenses paid by USCF as outlined in Note 4 – Contracts

and Agreements below.

NOTE 4 —

CONTRACTS AND AGREEMENTS

Marketing

Agent Agreement

USO is party

to a marketing agent agreement, dated as of March 13, 2006, as amended from time to time, with the Marketing Agent and USCF, whereby

the Marketing Agent provides certain marketing services for USO as outlined in the agreement. The agreement with the Marketing Agent

was amended and, commencing October 1, 2022, the fee of the Marketing Agent, which is calculated daily and payable monthly by USCF, is

equal to 0.025% of USO’s total net assets. In no event may the aggregate compensation paid to the Marketing Agent and any affiliate

of USCF for distribution-related services exceed 10% of the gross proceeds of USO’s offering.

The above fee

does not include website construction and development, which are also borne by USCF.

Custody,

Transfer Agency and Fund Administration and Accounting Services Agreements

USCF engaged

The Bank of New York Mellon, a New York corporation authorized to conduct a banking business (“BNY Mellon”), to provide USO

and each of the Related Public Funds with certain custodial, administrative and accounting, and transfer agency services, pursuant to

the following agreements with BNY Mellon dated as of March 20, 2020 (together, the “BNY Mellon Agreements”), which were effective

as of April 1, 2020: (i) a Custody Agreement; (ii) a Fund Administration and Accounting Agreement; and (iii) a Transfer Agency and Service

Agreement. USCF pays the fees of BNY Mellon for its services under the BNY Mellon Agreements and such fees are determined by the parties

from time to time.

Brokerage

and Futures Commission Merchant Agreements

USO entered

into a brokerage agreement with RBC Capital Markets LLC (“RBC”) to serve as USO’s FCM effective October 10, 2013. USO

has engaged each of Marex North America, LLC, formerly RCG Division of Marex Spectron (“MNA”), Marex Capital Markets, Inc.,

formerly E D & F Man Capital Markets Inc. (“MCM”), Macquarie Futures USA LLC (“MFUSA”), and ADM Investor

Services, Inc. (“ADMIS”) to serve as additional FCMs to USO effective on May 28, 2020, June 5, 2020, December 3, 2020, and

August 8, 2023, respectively. The agreements with USO’s FCMs require the FCMs to provide services to USO in connection with the

purchase and sale of Oil Futures Contracts and Other Oil-Related Investments that may be purchased and sold by or through the applicable

FCM for USO’s account. In accordance with the FCM agreements, USO pays each FCM commissions of approximately $7 to $8 per round-turn

trade, including applicable exchange, clearing and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts. Such fees

include those incurred when purchasing Oil Futures Contracts and options on Oil Futures Contracts when USO issues shares as a result

of a Creation Basket, as well as fees incurred when selling Oil Futures Contracts and options on Oil Futures Contracts when USO redeems

shares as a result of a Redemption Basket. Such fees are also incurred when Oil Futures Contracts and options on Oil Futures Contracts

are purchased or redeemed for the purpose of rebalancing the portfolio. USO also incurs commissions to brokers for the purchase and sale

of Oil Futures Contracts, Other Oil-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).

Year ended

December 31,

2025

Year ended

December 31,

2024

Year ended

December 31,

2023

Total commissions accrued to brokers

$ 1,491,084

$ 1,528,286

$ 860,102

Total commissions as annualized percentage of average total net assets

0.15 %

0.12 %

0.05 %

The decrease

in total commissions accrued to brokers for the year ended December 31, 2025, compared to the year ended December 31, 2024, was due primarily

to the number of crude oil futures contracts being held and traded.

Swap

Dealer Agreements

USO entered into

ISDA 2002 Master Agreements with (1) Macquarie Bank Limited on November 30, 2021 (the “Macquarie ISDA”), (2) Société

Générale on June 13, 2022 (the “Société Générale ISDA”), and (3) The Bank of Nova

Scotia on August 5, 2024 (the “ScotiaBank ISDA”), pursuant to which each of Macquarie Bank Limited, Société

Générale and The Bank of Nova Scotia has agreed to serve as an over-the-counter (“OTC”) swap counterparty for

USO. The Macquarie ISDA, the Société Générale ISDA and the ScotiaBank ISDA (together, the “ISDA Agreements”),

each provide USO with the ability to invest in OTC swaps in furtherance of USO’s investment objective by providing it with investment

flexibility in light of market conditions, liquidity, regulatory requirements, and risk diversification. USO may enter into OTC swap

transactions under each of the ISDA Agreements in light of the foregoing. Any OTC swap transactions of USO that are outstanding under

any ISDA Agreement, along with USO’s other holdings, are posted on USO’s webpage, www.uscfinvestments.com. In accordance

with each of the swap agreements described above, USO pays each swap dealer a flat fee in a range between 0.20% and 0.30% on the daily

notional value of each OTC swap transaction.

NYMEX

Licensing Agreement

USO and the NYMEX

entered into a licensing agreement on April 10, 2006, as amended on October 20, 2011, whereby USO was granted a non-exclusive license

to use certain of the NYMEX’s settlement prices and service marks. Under the licensing agreement, USO and the Related Public Funds,

other than BNO, USCI, and CPER, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3. USO expressly

disclaims any association with the NYMEX or endorsement of USO by the NYMEX and acknowledges that “NYMEX” and “New

York Mercantile Exchange” are registered trademarks of the NYMEX.

NOTE 5 —

FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES

USO may

engage in the trading of futures contracts, options on futures contracts, cleared swaps and OTC swaps (collectively, “derivatives”).

USO is exposed to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which

is the risk of failure by another party to perform according to the terms of a contract.

USO may enter

into futures contracts, options on futures contracts, cleared swaps, and OTC swaps to gain exposure to changes in the value of an underlying

commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity

and type of a commodity at a specified time and place. Some futures contracts may call for physical delivery of the asset, while others

are settled in cash. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery

of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange

before the designated date of delivery. Cleared swaps are agreements that are eligible to be cleared by a clearinghouse, e.g., ICE Clear

Europe, and provide the efficiencies and benefits that centralized clearing on an exchange offers to traders of futures contracts, including

credit risk intermediation and the ability to offset positions initiated with different counterparties. OTC swaps are entered into between

two parties in private contracts. In an OTC swap, each party bears credit risk to the other party, i.e., the risk that the other party

may not be able to perform its obligations under the OTC swap.

The purchase

and sale of futures contracts, options on futures contracts and cleared swaps require margin deposits with an FCM. Additional deposits

may be necessary for any loss on contract value. The Commodity Exchange Act requires FCMs to segregate all customer transactions and

assets from the FCM’s proprietary transactions and assets. To reduce the credit risk that arises in connection with OTC swaps,

USO will generally enter into an agreement with each counterparty based on the Master Agreement published by the International Swaps

and Derivatives Association, Inc., (“ISDA”) that provides for the netting of its overall exposure to its counterparty and,

consistent with applicable regulatory requirements, the posting by each party to cover the mark-to-market exposure of a counterparty

to the other counterparty is required.

Futures contracts,

options on futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk)

and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure USO

has in the particular classes of instruments. Additional risks associated with the use of futures contracts are an imperfect correlation

between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid

market for a futures contract. Buying and selling options on futures contracts exposes investors to the risks of purchasing or selling

futures contracts.

As to OTC swaps,

valuing OTC derivatives is less certain than valuing actively traded financial instruments such as exchange-traded futures contracts

and securities or cleared swaps because, for OTC derivatives, the price and terms on which such OTC derivatives are entered into or can

be terminated are individually negotiated, and those prices and terms may not reflect the best price or terms available from other sources.

In addition, while market makers and dealers generally quote indicative prices or terms for entering into or terminating OTC contracts,

they typically are not contractually obligated to do so, particularly if they are not a party to the transaction. As a result, it may

be difficult to obtain an independent value for an outstanding OTC derivatives transaction.

Market volatility

is attributable to things like the COVID-19 pandemic and related supply chain disruptions, war (such as the Russia-Ukraine war), continuing

disputes among oil-producing countries, the introduction of or changes in tariffs or trade barriers, and trade wars between nations.

Events such as these, and others, could cause volatility in the future, which may affect the value, pricing and liquidity of some investments

or other assets, including those held by or invested in by USO and the impact of which could limit USO’s ability to have a substantial

portion of its assets invested in the Futures Contracts and/or Other Oil-Related Investments, such as OTC swaps.

All of the futures

contracts held by USO through December 31, 2025, were exchange-traded. The risks associated with exchange-traded contracts are generally

perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective

individual counterparties. USO entered OTC swaps during the period ended December 31, 2025. These OTC swaps are subject to the credit

risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments

is the net unrealized gain, if any, on the transaction. USO also has credit risk to the sole counterparty to all domestic and foreign

futures contracts, the clearinghouse for the exchange on which the relevant contracts are traded. In addition, USO bears the risk of

financial failure by the clearing broker.

USO’s cash

and other property, such as Treasuries, deposited with its FCMs are considered commingled with all other customer funds, subject to such

FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated

funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The insolvency

of an FCM could result in the complete loss of USO’s assets posted with that FCM; however, the majority of USO’s assets

are held in investments in Treasuries, cash and/or cash equivalents with USO’s custodian and would not be impacted by

the insolvency of an FCM. The failure or insolvency of USO’s custodian, however, could result in a substantial loss of USO’s

assets.

USCF invests

a portion of USO’s cash in money market funds that seek to maintain a stable per share NAV. USO is exposed to any risk of loss

associated with an investment in such money market funds. As of December 31, 2025 and December 31, 2024, USO held investments in money

market funds in the amounts of $600,000,000 and $727,450,000, respectively. USO also holds cash deposits with its custodian and FCMs.

As of December 31, 2025 and December 31, 2024, USO held cash deposits in the amounts of $293,621,505 and $280,259,886 respectively, with

the custodian and FCMs. Some or all of these amounts may be subject to loss should USO’s custodian and/or FCMs cease operations.

For derivatives,

risks arise from changes in the market value of the contracts. Theoretically, USO is exposed to market risk equal to the value of futures

contracts purchased and unlimited liability on such contracts sold short or that the value of the futures contract could fall below zero.

As both a buyer and a seller of options, USO pays or receives a premium at the outset and then bears the risk of unfavorable changes

in the price of the contract underlying the option.

USO’s policy

is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit

exposure reporting controls and procedures. In addition, USO has a policy of requiring review of the credit standing of each broker or

counterparty with which it conducts business.

The financial

instruments held by USO are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate

fair value, because of their highly liquid nature and short-term maturity.

For the year

ended December 31, 2025, the monthly average volume of open future and swap contract notional value was $770,659,676 and $212,113,224,

respectively. For the year ended December 31, 2024, the monthly average volume of open future and swap contract notional value was $1,012,496,028

and $293,572,184, respectively.

Settlement

of SEC and CFTC Investigations

On November 8,

2021, USCF and USO announced a resolution with each of the SEC and the CFTC relating to matters set forth in certain Wells Notices issued

by the staffs of each of the SEC and CFTC as more fully described below.

On August 17,

2020, USCF, USO, and John Love received a “Wells Notice” from the staff of the SEC (the “SEC Wells Notice”).

The SEC Wells Notice stated that the SEC staff made a preliminary determination to recommend that the SEC file an enforcement action

against USCF, USO, and Mr. Love alleging violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933, as amended (the

“1933 Act”), and Section 10(b) of the 1934 Act, and Rule 10b-5 thereunder.

Subsequently,

on August 19, 2020, USCF, USO, and Mr. Love received a Wells Notice from the staff of the CFTC (the “CFTC Wells Notice”).

The CFTC Wells Notice stated that the CFTC staff made a preliminary determination to recommend that the CFTC file an enforcement action

against USCF, USO, and Mr. Love alleging violations of Sections 4o(1)(A) and (B) and 6(c)(1) of the Commodity Exchange Act of 1936, as

amended (the “CEA”), 7 U.S.C. §§ 6o(1)(A) and (B) and 9(1) (2018), and CFTC Regulations 4.26, 4.41, and 180.1(a),

17 C.F.R. §§ 4.26, 4.41, 180.1(a) (2019).

On November

8, 2021, acting pursuant to an offer of settlement submitted by USCF and USO, the SEC issued an order instituting cease-and-desist proceedings,

making findings, and imposing a cease-and-desist order pursuant to Section 8A of the 1933 Act, directing USCF and USO to cease and desist

from committing or causing any violations of Section 17(a)(3) of the 1933 Act, 15 U.S.C. § 77q(a)(3) (the “SEC Order”).

In the SEC Order, the SEC made findings that, from April 24, 2020 to May 21, 2020, USCF and USO violated Section 17(a)(3) of 1933 Act,

which provides that it is “unlawful for any person in the offer or sale of any securities to engage in any transaction, practice,

or course of business which operates or would operate as a fraud or deceit upon the purchaser.” USCF and USO consented to entry

of the SEC Order without admitting or denying the findings contained therein, except as to jurisdiction.

Separately,

on November 8, 2021, acting pursuant to an offer of settlement submitted by USCF, the CFTC issued an order instituting cease-and-desist

proceedings, making findings, and imposing a cease-and-desist order pursuant to Section 6(c) and (d) of the CEA, directing USCF to cease

and desist from committing or causing any violations of Section 4o(1)(B) of the CEA, 7 U.S.C. § 6o(1) (B), and CFTC Regulation 4.41(a)(2),

17 C.F.R. § 4.41(a)(2) (the “CFTC Order”). In the CFTC Order, the CFTC made findings that, from on or about April 22,

2020 to June 12, 2020, USCF violated Section 4o(1)(B) of the CEA and CFTC Regulation 4.41(a)(2), which make it unlawful for any commodity

pool operator (“CPO”) to engage in “any transaction, practice, or course of business which operates as a fraud or deceit

upon any client or participant or prospective client or participant” and prohibit a CPO from advertising in a manner which “operates

as a fraud or deceit upon any client or participant or prospective client or participant,” respectively. USCF consented to entry

of the CFTC Order without admitting or denying the findings contained therein, except as to jurisdiction.

Pursuant to

the SEC Order and the CFTC Order, in addition to the command to cease and desist from committing or causing any violations of Section

17(a)(3) of the 1933 Act, Section 4o(1)(B) of the CEA, and CFTC Regulation 4.14(a)(2), civil monetary penalties totaling two million

five hundred thousand dollars ($2,500,000) in the aggregate were required to be paid to the SEC and CFTC, of which one million two hundred

fifty thousand dollars ($1,250,000) was paid by USCF to each of the SEC and the CFTC, respectively, pursuant to the offsets permitted

under the orders.

In

re: United States Oil Fund, LP Securities Litigation

On June 19,

2020, USCF, USO, John P. Love, and Stuart P. Crumbaugh were named as defendants in a putative class action filed by purported shareholder

Robert Lucas (the “Lucas Class Action”). The Court thereafter consolidated the Lucas Class Action with two related putative

class actions filed on July 31, 2020 and August 13, 2020, and appointed a lead plaintiff. The consolidated class action is pending in

the U.S. District Court for the Southern District of New York under the caption In

re: United States Oil Fund, LP Securities Litigation, Civil Action No. 1:20-cv-04740.

On November

30, 2020, the lead plaintiff filed an amended complaint (the “Amended Lucas Class Complaint”). The Amended Lucas Class Complaint

asserts claims under the 1933 Act, the Exchange Act, and Rule 10b-5. The Amended Lucas Class Complaint challenges statements in registration

statements that became effective on February 25, 2020 and March 23, 2020 as well as subsequent public statements through April 2020 concerning

certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19

global pandemic and the Saudi Arabia-Russia oil price war. The Amended Lucas Class Complaint purports to have been brought by an investor

in USO on behalf of a class of similarly-situated shareholders who purchased USO securities between February 25, 2020 and April 28, 2020

and pursuant to the challenged registration statements. The Amended Lucas Class Complaint seeks to certify a class and to award the class

compensatory damages at an amount to be determined at trial as well as costs and attorney’s fees. The Amended Lucas Class Complaint

named as defendants USCF, USO, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson,

Gordon L. Ellis, and Malcolm R. Fobes III, as well as the marketing agent, ALPS Distributors, Inc., and the Authorized Participants:

ABN Amro, BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global Markets, Inc., Credit Suisse Securities USA LLC,

Deutsche Bank Securities Inc., Goldman Sachs & Company, J.P. Morgan Securities Inc., Merrill Lynch Professional Clearing Corporation,

Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities

LLC, and Virtu Financial BD LLC.

The lead plaintiff

filed a notice of voluntary dismissal of its claims against BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global

Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Morgan Stanley & Company, Inc., Nomura Securities

International, Inc., RBC Capital Markets, LLC, SG Americas Securities LLC, and UBS Securities LLC.

The remaining

defendants in In re: United States Oil Fund, LP Securities Litigation filed a motion to dismiss the claims in January 2021. “On

September 29, 2025, the Court granted the defendants’ motion to dismiss the complaint without prejudice and granted plaintiff leave

to file a motion to amend its complaint. On November 26, 2025, the plaintiff filed a motion for leave to file a proposed second consolidated

amended complaint, which defendants have opposed. The motion remains pending before the Court.”

Wang

Class Action

On July 10,

2020, purported shareholder Momo Wang filed a putative class action complaint, individually and on behalf of others similarly situated,

against defendants USO, USCF, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson,

Gordon L. Ellis, Malcolm R. Fobes, III, ABN Amro, BNP Paribas Securities Corp., Citadel Securities LLC, Citigroup Global Markets Inc.,

Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs & Company, JP Morgan Securities Inc., Merrill Lynch

Professional Clearing Corp., Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas

Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC, in the U.S. District Court for the Northern District of California as

Civil Action No. 3:20-cv-4596 (the “Wang Class Action”).

The Wang Class

Action asserted federal securities claims under the 1933 Act, challenging disclosures in a March 19, 2020 registration statement. It

alleged that the defendants failed to disclose to investors in USO certain extraordinary market conditions and the attendant risks that

caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The

Wang Class Action was voluntarily dismissed on August 4, 2020.

Mehan

Action

On August 10,

2020, purported shareholder Darshan Mehan filed a derivative action on behalf of nominal defendant USO, against defendants USCF, John

P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson, Gordon L. Ellis, and Malcolm R.

Fobes, III (the “Mehan Action”). The action is pending in the Superior Court of the State of California for the County of

Alameda as Case No. RG20070732.

The Mehan Action

alleges that the defendants breached their fiduciary duties to USO and failed to act in good faith in connection with a March 19, 2020

registration statement and offering and disclosures regarding certain extraordinary market conditions that caused demand for oil to fall

precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaint seeks, on behalf of USO,

compensatory damages, restitution, equitable relief, attorney’s fees, and costs. All proceedings in the Mehan Action are stayed

pending disposition of the motion(s) to dismiss in In re: United States Oil

Fund, LP Securities Litigation.

USCF, USO, and

the other defendants intend to vigorously contest such claims.

In

re United States Oil Fund, LP Derivative Litigation

On August 27,

2020, purported shareholders Michael Cantrell and AML Pharm. Inc. DBA Golden International filed two separate derivative actions on behalf

of nominal defendant USO, against defendants USCF, John P. Love, Stuart P. Crumbaugh, Andrew F Ngim, Gordon L. Ellis, Malcolm R. Fobes,

III, Nicholas D. Gerber, Robert L. Nguyen, and Peter M. Robinson in the U.S. District Court for the Southern District of New York at

Civil Action No. 1:20-cv-06974 (the “Cantrell Action”) and Civil Action No. 1:20-cv-06981 (the “AML Action”),

respectively.

The complaints

in the Cantrell and AML Actions are nearly identical. They each allege violations of Sections 10(b), 20(a), and 21D of the Exchange Act,

Rule 10b-5 thereunder, and common law claims of breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement,

and waste of corporate assets. These allegations stem from USO’s disclosures and defendants’ alleged actions in light of

the extraordinary market conditions in 2020 that caused demand for oil to fall precipitously, including the COVID-19 global pandemic

and the Saudi Arabia-Russia oil price war. The complaints seek, on behalf of USO, compensatory damages, restitution, equitable relief,

attorney’s fees, and costs. The plaintiffs in the Cantrell and AML Actions have marked their actions as related to the Lucas Class

Action.

The Court consolidated

the Cantrell and AML Actions under the caption In re United States Oil Fund,

LP Derivative Litigation, Civil Action No. 1:20-cv-06974 and appointed co-lead counsel. All proceedings in In

re United States Oil Fund, LP Derivative Litigation are stayed pending final disposition of the motion(s) to dismiss in In

re: United States Oil Fund, LP Securities Litigation.

USCF, USO, and

the other defendants intend to vigorously contest the claims in In re United

States Oil Fund, LP Derivative Litigation.

Optimum

Strategies Action

On April 6,

2022, USO and USCF were named as defendants in an action filed by Optimum Strategies Fund I, LP, a purported investor in call option

contracts on USO (the “Optimum Strategies Action”). The action was in the U.S. District Court for the District of Connecticut

at Civil Action No. 3:22-cv-00511.

The Optimum

Strategies Action asserted claims under the Securities Exchange Act of 1934, as amended (the “1934 Act”), Rule 10b-5 thereunder,

and the Connecticut Uniform Securities Act (“CUSA”). It purported to challenge statements in registration statements that

became effective in February 2020, March 2020, and on April 20, 2020, as well as public statements between February 2020 and May 2020,

in connection with certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously,

including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaint was seeking damages, interest, costs,

attorney’s fees, and equitable relief.

On March 15,

2023, the court granted the USO defendants’ motion to dismiss the complaint. In its ruling, the court granted the USO defendants’

motion to dismiss, with prejudice, the plaintiff’s claims under Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and

a claim for control person liability under Section 20(a) of the Exchange Act. Having dismissed all claims over which the court had original

jurisdiction, the court declined to exercise supplemental jurisdiction over the plaintiff’s state law claim under CUSA and dismissed

the claim without prejudice. No notice of appeal was filed.

NOTE 6 —

FINANCIAL HIGHLIGHTS

The following

table presents per share performance data and other supplemental financial data for the years ended December 31, 2025, 2024 and

2023 for the shareholders. This information has been derived from information presented in the financial statements.

Year ended

December 31,

2025

Year ended

December 31,

2024

Year ended

December 31,

2023

Per Share Operating Performance:

Net asset value, beginning of year

$ 75.45

$ 66.91

$ 70.05

Total income (loss)

(5.72 )

9.15

(2.65 )

Total expenses

(0.63 )

(0.61 )

(0.49 )

Net increase (decrease) in net asset value

(6.35 )

8.54

(3.14 )

Net asset value, end of year

$ 69.10

$ 75.45

$ 66.91

Total Return

(8.42 )%

12.76 %

(4.48 )%

Ratios to Average Net Assets

Total income (loss)

(5.74 )%

17.61 %

(2.20 )%

Management fees

0.45 %

0.45 %

0.45 %

Total expenses excluding management fees

0.41 %

0.37 %

0.25 %

Net income (loss)

(6.60 )%

16.79 %

(2.90 )%

Total returns

are calculated based on the change in value during the period. An individual shareholder’s total return and ratio may vary from

the above total returns and ratios based on the timing of contributions to and withdrawals from USO. Additionally, only Authorized Participants

purchase and redeem shares from the Fund at the NAV per share. Most shareholders will purchase and sell shares in the secondary market

at market prices, which may differ from the NAV per share and result in a higher or lower total return.

NOTE 7 —

QUARTERLY FINANCIAL DATA (Unaudited)

The following

summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods

ended March 31, June 30, September 30 and December 31, 2025 and 2024.

First

Quarter

2025

Second

Quarter

2025

Third

Quarter

2025

Fourth

Quarter

2025

Total Income (Loss)

$ 42,404,806

$ (70,828,412 )

$ 25,561,469

$ (53,339,285 )

Total Expenses

2,102,269

2,133,072

2,097,499

2,123,255

Net Income (Loss)

$ 40,302,537

$ (72,961,484 )

$ 23,463,970

$ (55,462,540 )

Net Income (Loss) per Share

$ 1.90

$ (4.10 )

$ 0.33

$ (4.48 )

First

Quarter

2024

Second

Quarter

2024

Third

Quarter

2024

Fourth

Quarter

2024

Total Income (Loss)

$ 243,169,142

$ 22,646,159

$ (132,775,208 )

$ 98,876,169

Total Expenses

2,873,971

2,717,867

2,675,189

2,531,044

Net Income (Loss)

$ 240,295,171

$ 19,928,292

$ (135,450,397 )

$ 96,345,125

Net Income (Loss) per Share

$ 12.02

$ 0.70

$ (9.77 )

$ 5.59

NOTE 8 —

FAIR VALUE OF FINANCIAL INSTRUMENTS

USO values its

investments in accordance with Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC

820”). ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles,

and expands disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market

participant assumptions developed based on market data obtained from sources independent of USO (observable inputs) and (2) USO’s

own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable

inputs). The three levels defined by the ASC 820 hierarchy are as follows:

Level I –

Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access

at the measurement date.

Level II –

Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly.

Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical

or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or

liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated

inputs).

Level III –

Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value

to the extent that observable inputs are not available.

In some instances,

the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy

within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant

to the fair value measurement in its entirety.

The following

table summarizes the valuation of USO’s securities at December 31, 2025 using the fair value hierarchy:

At December 31, 2025

Total

Level I

Level II

Level III

Short-Term Investments

$ 600,000,000

$ 600,000,000

$ —

$ —

Exchange-Traded Futures Contracts

United States Contracts

(7,910,690 )

(7,910,690 )

—

—

OTC Commodity Swap Contracts

964,023

—

964,023

—

The following

table summarizes the valuation of USO’s securities at December 31, 2024 using the fair value hierarchy:

At December 31, 2024

Total

Level I

Level II

Level III

Short-Term Investments

$ 727,450,000

$ 727,450,000

$ —

$ —

Exchange-Traded Futures Contracts

United States Contracts

28,431,020

28,431,020

—

—

OTC Commodity Swap Contracts

(2,068 )

—

(2,068 )

—

Effective January 1,

2009, USO adopted the provisions of Accounting Standards Codification 815 — Derivatives and Hedging, which require presentation

of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and

gains and losses on derivatives.

Fair

Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments

Statements of

Financial

Condition Location

Fair Value at

December 31,

2025

Fair Value at

December 31,

2024

Futures—Commodity Contracts

Unrealized gain (loss) on open commodity future contracts

$ (7,910,690 )

$ 28,431,020

Swap—Commodity Contracts

Unrealized gain (loss) on open OTC commodity swap contracts

$ 964,023

$ (2,068 )

The volume of

open OTC swap positions relative to the net assets of USO at the date of this report is generally representative of open positions throughout

the reporting period.

The

Effect of Derivative Instruments on the Statements of Operations

For the year ended

December 31, 2025

For the year ended

December 31, 2024

For the year ended

December 31, 2023

Derivatives not

Accounted for

as Hedging

Instruments

Location of

Gain (Loss)

on Derivatives

Recognized in

Income

Realized

Gain (Loss)

on Derivatives

Recognized in

Income

Change in

Unrealized

Gain (Loss) on

Derivatives

Recognized in

Income

Realized

Gain (Loss)

in Derivatives

Recognized in

Income

Change in

Unrealized

Gain (Loss) on

Derivatives

Recognized in

Income

Realized

Gain (Loss)

in Derivatives

Recognized in

Income

Change in

Unrealized

Gain (Loss) on

Derivatives

Recognized in

Income

Futures—Commodity Contracts

Realized gain (loss) on closed commodity futures contracts

$ (41,170,050 )

$ 121,123,950

$ (63,502,154 )

Change in unrealized gain (loss) on open commodity futures contracts

$ (36,341,710 )

$ 25,379,090

$ (19,134,006 )

OTC Swap—Commodity Contracts

Realized gain (loss) on closed OTC commodity swap contracts

$ (18,416,818 )

$ 22,162,096

$ (24,349,916 )

Change in unrealized gain (loss) on open OTC commodity swap contracts

$ 966,091

$ (162 )

$ 2,239

NOTE 9 —

SUBSEQUENT EVENTS

USO has performed

an evaluation of subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent

events that necessitated disclosures and/or adjustments.

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Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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