(Bloomberg) -- US Oil Fund, the biggest oil ETF, posted its largest daily outflow on record as crude prices lose some of the geopolitical premium that was built in from tensions between Iran and Israel. 

The withdrawal of $376 million was bigger than the previous record of $323 million set in 2009. It followed two days of similarly large inflows in the two prior sessions. 

Crude prices rallied prior to Iran’s missile and drone attack on Israel, and endured a fresh bout of volatility at the end of last week when Israel reportedly launched a retaliatory strike on the Islamic Republic. 

US crude futures are trading about $5 below where they were before the attacks, and while the political situation remains tense, oil markets have grown more sanguine on the risk of further escalation.

“The timing of this activity coincides with a general easing of immediate tension in the Middle East over the weekend,” said John Love, chief executive officer of USCF Investments, which manages USO. “Given how high tensions were prior to the strike, it’s likely this was an event-driven selloff.”

After the pullback, USO has assets of $1.3 billion, which still makes it the largest oil ETF. 

Read More: Israel Turns Focus Back to Hamas and Rafah as Iran Threat Eases

--With assistance from Devika Krishna Kumar.

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