The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) closed at $15.39 on January 10th, down 5.87%, as crude oil prices surged due to fresh U.S. sanctions on Russia and increased winter demand. Brent crude oil hit $80 a barrel for the first time since October, driven by the U.S. targeting Russian oil producers and maritime insurance providers, which threatens to tighten global supply. The sanctions, announced by the U.S. Department of Treasury, aim to curb Russian oil exports, adding to the bullish sentiment in the oil market. Additionally, harsh winter conditions in the U.S. are boosting demand for heating fuels, further supporting the rise in oil prices. The market's reaction to these developments has been swift, with oil futures experiencing a significant rally.