Oil Pulls Back Friday but Still Gains Nearly 9% on Week
Key Facts
- Brent settled at US$104.61 on Friday down US$3.02 or 2.81%, while WTI settled at US$100.05, down US$2.43 or 2.37%, with Brent up 8.7% and WTI up 9.4% for the week.
- The US Oil Fund, which tracks WTI, closed at US$154.90 down 2.20% on the day from US$158.38, tempering the prior session’s sharp spike as investors took some profit.
- Petrobras closed at US$21.20, down 0.84% on the New York Stock Exchange, a smaller drop than crude itself as traders weighed Brazil’s pre-salt investment profile.
- YPF closed at US$55.55, down 0.91% even after pricing US$1.2 billion of 2035 bonds on September 10 at a 7.55% coupon to refinance its 2027 and 2029 notes.
- Ecopetrol closed at US$17.75, down 1.77% the sharpest fall among Latin American oil majors on the board, reflecting its direct exposure to global crude benchmarks.
- Guyana’s Stabroek block, now near 918,000 barrels a day, continues to add new Atlantic Basin supply while Venezuela’s US-linked deal transferring 17 oil fields to new operators on September 1 is a structural watch item for sanctions risk.
Today’s Focus
Oil gave back part of Thursday’s spike on Friday, September 11, 2026, but still posted a weekly gain of 8.7% for Brent and 9.4% for WTI. Brent settled at US$104.61, down 2.81%, and WTI at US$100.05, down 2.37%, as traders locked in profits after a surge driven by attacks on Gulf shipping and infrastructure.
The US Oil Fund, the main WTI-tracking vehicle for retail investors, closed at US$154.90, down 2.20% from US$158.38. The pullback did little to dent the supply-risk premium that has built since Strait of Hormuz traffic collapsed in early March.
Latin American producers mirrored the softer tone. Petrobras fell 0.84% to US$21.20, YPF dropped 0.91% to US$55.55, and Ecopetrol lost 1.77% to US$17.75.
The week still left Argentina’s YPF in focus after it placed US$1.2 billion of international bonds to refinance existing notes, with a final investment decision on Argentina LNG expected by year-end.
What matters today. The pullback is profit-taking, not a change in the supply shock story; the war premium remains the dominant force behind triple-digit crude.
01 The session in one read
Oil prices fell on Friday, September 11, 2026, but the retreat did little to unsettle a market still absorbing one of its sharpest weekly gains in months. Brent settled at US$104.61 a barrel, down US$3.02 or 2.81%, while WTI settled at US$100.05, down US$2.43 or 2.37%.
Both benchmarks still finished the week more than 8% higher, supported by attacks on tankers and Gulf energy infrastructure that have cut Strait of Hormuz transits to single digits a day since early March. The pullback was driven by profit-taking after Thursday’s spike above US$100, not by any easing of supply fears.
Oil’s Friday decline looks like profit-taking after a weekly surge of nearly 9%, not a change in the fundamentals.
Tanker attacks and reduced Strait of Hormuz traffic are still in place. The variable to watch is whether WTI holds US$100 into Wednesday’s Fed decision.
02 The board
The US Oil Fund, the exchange-traded fund that tracks WTI crude, closed at US$154.90, down 2.20% on the day. That marked a cooling from the previous close of US$158.38, as retail and institutional investors alike took some chips off the table after the prior session’s surge.
Among Latin American producers, Petrobras closed at US$21.20, down 0.84%, a smaller drop than the underlying commodity. YPF ended at US$55.55, down 0.91%, while Ecopetrol was the sharpest faller at US$17.75, down 1.77%, reflecting its more direct exposure to global benchmark moves.
| Asset | Level | Change |
|---|---|---|
| US Oil Fund (USO, WTI proxy) | US$154.90 | -2.20% |
| Petrobras | US$21.20 | -0.84% |
| Ecopetrol | US$17.75 | -1.77% |
| YPF | US$55.55 | -0.91% |
Trade date 2026-09-11. Prices from RT and exchange settlements. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 187,206.89 | -0.56% | +21.85% | 188,268.59 | 168,310 | 167,142 | — |
| IPSA | 11,220.60 | -0.16% | — | 11,238.58 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 63,924.77 | -0.28% | +12.17% | 64,106.82 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,098,898 | -1.87% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,589.69 | -1.41% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,373.28 | — | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
Friday’s decline followed Thursday’s 5.8% surge, when Brent settled near US$107. Brent had first topped US$100 on Wednesday, its highest since July 24.
The rally ran on the sharpest spike in shipping attacks since the war began. Houthi forces seized Yemen’s port of Mokha and Perim Island in the Bab el-Mandeb strait.
The Revolutionary Guard said on September 9 that it had struck eight tankers and two US destroyers near Hormuz. Washington has not confirmed the claim.
The US oil rig count rose by 1 to 450 active rigs, according to Baker Hughes data published Friday, with gas rigs up two at 132 and the total up three at 591. That incremental supply signal, however, was dwarfed by the persistent war-risk premium that has kept crude in triple digits.
04 The Latin American read
Petrobras remains a leveraged play on Brazil’s low-cost pre-salt offshore output, and Friday’s 0.84% dip to US$21.20 followed profit-taking after the crude rally. Output hit a record 3.34 million barrels of oil equivalent a day in the second quarter, up 14% on the year. Brazil’s environmental regulator cleared three more Foz do Amazonas wells on September 7.
In Argentina, YPF fell 0.91% to US$55.55, but the more important story is structural. The company placed US$1.2 billion of international bonds on September 9 at a 7.55% coupon and 7.85% yield, maturing in June 2035, to fund a US$154.1 billion Vaca Muerta expansion plan under Argentina’s RIGI incentive regime.
Separately, YPF has filed for US$154.1 billion of investment through 2040 under Argentina’s incentive regime. The largest items are US$51 billion for Argentina LNG and US$25 billion for the LLL Oil project. YPF targets 470,000 barrels a day of shale oil by 2030, up from about 165,000 in 2025. The Argentina LNG investment decision is expected by year-end.
Guyana’s Stabroek block, operated by ExxonMobil with Chevron and CNOOC, continues to build as the region’s fastest-growing new oil province, while Venezuela’s US-linked transfer of 17 oil fields to new operators on September 1 is a watch item for sanctions and production risk. Mexico’s Pemex remains a drag relative to private offshore projects on debt and output challenges, with output near 1.6 million barrels a day against an unmet 1.8 million target.
05 The names to watch
Petrobras is the region’s most liquid oil equity and the clearest way for foreigners to express a view on deepwater supply. YPF is the Vaca Muerta shale proxy, with bond-funded expansion plans now locked in but execution risk still to come.
Ecopetrol trades with the highest sensitivity to Brent of the three. Colombia’s heavy grades still sell at a discount to the benchmark. For broader exposure, the US Oil Fund remains the simplest WTI-tracking instrument for investors who want crude price moves without single-company risk.
06 The outlook
Oil traders are preparing for a longer, sharper cycle of price spikes rather than a quick resolution. Reduced Hormuz transits, and a 2.3 million barrel a day collapse in Saudi supply to 6 million in August after attacks on Jazan, Yanbu and Abqaiq, and elevated tanker rates all point to sustained supply tightness.
Markets already price a roughly 90% chance the Fed lifts its target range to 4.00% on Wednesday. A push back above US$108 for Brent would harden the case for more. For now, the pullback is a pause, not a pivot.
07 What to watch
- WTI above US$100: Whether WTI holds triple digits this week will signal if the market believes the supply shock has further to run.
- YPF LNG decision: The final investment decision expected in November on the Argentina LNG component is a major catalyst for Vaca Muerta value.
- Fed decision, Wednesday: A rise to 4.00% is about 90% priced, and Brazil’s Copom is expected to cut its Selic rate to 13.75% the same day, tightening financial conditions globally.
- Gulf diplomacy: Oman postponed the September 14 Iran-Gulf talks in Salalah. A new date would cut the war premium in crude.
Frequently Asked Questions
Why did oil fall on Friday after surging earlier in the week?
Friday’s decline was profit-taking after a more than 8% weekly gain driven by Middle East supply disruptions and sharply reduced Strait of Hormuz traffic.
What is the US Oil Fund?
The US Oil Fund is an exchange-traded fund that tracks the price of WTI crude, making it the simplest way for retail investors to bet on US oil prices.
Why is YPF important for Argentina?
YPF is the main operator in the Vaca Muerta shale formation and has just raised US$1.2 billion to refinance debt while advancing a US$51 billion LNG export project.
Is Brazil’s pre-salt still attractive at these prices?
Yes, Petrobras remains a leveraged play on high-cost offshore output, which benefits when crude prices stay elevated for longer periods.
Market data: RT
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