# Oil ETFs: how to trade a crude spike

> Brent is back above $100, and the fund you pick decides how much of that move you actually capture.
- Title: Oil ETFs: how to trade a crude spike · MoneyWeek | Shortify
- Summary: Brent is back above $100, and the fund you pick decides how much of that move you actually capture. Most oil ETFs track futures, not the spot price, so in a…
- Keywords: oil, etfs, commodities, futures, investing, trade, crude, spike, MoneyWeek
- Source: MoneyWeek — https://moneyweek.com/investments/oil/oil-etfs-a-new-way-to-trade-an-oil-spike
- Published: 2026-09-11T14:17:05+00:00
- Read time: 1 min
- Topics: oil, etfs, commodities, futures, investing
## Brent tops $100 again
Middle East tension flared again this week and pushed Dated Brent, the North Sea benchmark, above $100 for the first time since July.

> The on/off Middle East crisis is on again this week, sending up oil prices in response.
## Spot means right now
Dated Brent is a spot price: the cost of a cargo loading in the next few days or weeks. It reflects demand for physical barrels today, not expectations.
## Futures are a different market
Traders watch contracts for delivery in one month, three, six or years out. The chain is long, but the action sits in contracts nearest expiry.
## Why an ETF, not futures
You can't buy physical oil as an individual, and futures are fiddly. An ETF such as WisdomTree Brent Crude Oil (LSE: BRNT) does the job more simply.

> As an individual investor, you can't trade physical oil directly.
## The roll is the catch
Oil ETFs buy near-term futures and roll them before expiry. Sell high and buy lower each time and you earn roll yield. Reverse it and the fund quietly bleeds.
## Spikes leave ETFs behind
In a crisis, spot often jumps far more than futures do. A traditional oil ETF tracks the futures, so it captures only part of the headline move.

> a typical oil ETF will not rise by as much as the spot price does
## A spot-shaped alternative
Onyx Spot Return Crude Oil ETF (LSE: OIL) holds daily Dated Brent futures rolled continuously, so it hugs spot. Launched in June, it has beaten the traditional funds since.
## Key takeaway

Most oil ETFs track futures, not the spot price, so in a sudden crisis they lag the headline oil number you see quoted.