Key Facts
- Crude prices WTI, the main US crude oil benchmark, settled near US$91.01 a barrel on Friday. Renewed US-Iran fighting stoked supply fears.
- USO proxy The US Oil Fund (USO), an exchange-traded fund that tracks US oil prices, closed at US$142.09, up 0.67%, as diesel prices jumped.
- Petrobras slips Petrobras, Brazil’s state-run oil company, fell 1.68% to US$20.51 on Friday. Traders pointed to caution around Venezuela’s oil-field shake-up and Mexico’s Pemex debate.
- YPF drops YPF, Argentina’s state-controlled oil company, dropped 2.78% to US$52.41. Its Vaca Muerta shale field still anchors the company’s 2026 investment plans.
- Brent settles Brent, the main international oil benchmark, settled near US$95.63 a barrel. Diesel prices jumped as supplies of it tightened worldwide.
- The catch A US-backed deal took over 17 Venezuelan oil fields on September 1, 2026, replacing Chinese and Russian operators there.
Today’s Focus
Crude held firm on Friday, September 4, 2026, after renewed US-Iran fighting reignited supply fears. WTI settled near US$91.01 a barrel, while Brent closed near US$95.63, according to a market readout for the session.
The US Oil Fund, the exchange-traded proxy for WTI, ended at US$142.09, up 0.67%. That move came as diesel prices jumped on tighter fuel supplies worldwide.
In Latin America, Petrobras slipped to US$20.51, down 1.68%, while YPF fell to US$52.41, a 2.78% drop. Traders linked the regional mood to Venezuela’s oil-field reassignment and Mexico’s Pemex output debate.
What matters today. Traders said Friday’s move reflected Gulf geopolitics and refining economics, not a change in Latin American oil output.
01 The session in one read
Crude benchmarks held firm on Friday, September 4, 2026, as renewed US-Iran fighting intensified fears about supply security. WTI settled near US$91.01 a barrel, while Brent closed near US$95.63.
The key question is whether the conflict stops actual oil shipments or stays just words.
Prices already include the risk of disruption.
Watch the USO fund, which tracks oil prices, for a move above US$142.09 on Monday.
02 The board
The US Oil Fund (USO) closed at US$142.09, up 0.67% on the day, tracking the firmer session. Petrobras shares ended at US$20.51, down 1.68%, lagging the broader crude move.
Ecopetrol, Colombia’s state-run oil company, finished at US$17.20, down 1.77%. Argentina’s YPF closed at US$52.41, down 2.78%, as all three regional producers fell despite firmer crude.
| Asset | Level | Change |
|---|---|---|
| WTI crude (USO) | US$142.09 | +0.67% |
| Petrobras | US$20.51 | -1.68% |
| Ecopetrol | US$17.20 | -1.77% |
| YPF | US$52.41 | -2.78% |
Source: RT close, 2026-09-04. 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 | 185,147.15 | -0.02% | +21.85% | 185,188.13 | 168,310 | 167,142 | — |
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 65,163.64 | -0.42% | +12.17% | 65,436.16 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,049,121 | -0.29% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,544.56 | +0.40% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,978.22 | -0.31% | — | — | — | — | — |
| 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
Traders said renewed US-Iran fighting drove the session. It revived fears that oil could stop flowing through the Strait of Hormuz, a key Middle East shipping route.
A separate market report put Brent crude at US$95.63. West Texas Intermediate, or WTI, was at US$91.01.
These prices came after US strikes on Iran. Israel also made new threats against Tehran.
Refined products, especially diesel, added more support. Diesel prices and refining profits jumped on Friday.
The reason: global supply of diesel-type fuels looks tight into late 2026, Friday’s commentary said.
The US oil rig count rose by 2 to 449 active rigs, while the total US rig count stayed at 588. That signals a gradual, cautious response from shale producers rather than an aggressive drilling surge.
04 The Latin American read
Petrobras shares fell 1.68% to US$20.51 on Friday. Traders linked the drop to caution about Venezuela’s restructuring and Mexico’s Pemex output dispute.
Brazil’s pre-salt production remains a stable, high-profit engine for the company. But the share drop had little to do with actual oil supply or demand.
YPF fell 2.78% to US$52.41. Vaca Muerta remains key to its investment story.
The firm still aims for about 215,000 barrels of shale oil daily in 2026. It will spend US$160 million to drill 12 horizontal wells for the Argentina LNG project.
Venezuela’s oil sector drew attention after a US-linked deal took over 17 oil fields. The deal, signed September 1, 2026, replaced Chinese and Russian operators there.
The shake-up opens room for new investment, but it also adds political uncertainty about how fast those barrels return.
Guyana’s Stabroek boom remains a live market theme because ExxonMobil-led output keeps adding light-sweet crude for Atlantic Basin refiners. That dynamic matters for pricing across the Americas and Europe.
05 The names to watch
Petrobras is the main guide for deepwater oil costs in the region. Its pre-salt fields make money at lower prices than most offshore projects.
But its shares fell 1.68% on the exchange. Investors stayed cautious during the geopolitical tension.
YPF is Argentina’s main public company tied to Vaca Muerta, the country’s big shale oil field.
The stock fell 2.78% to close at US$52.41.
That shows some investors turned cautious, even though Vaca Muerta’s long-term story is intact.
Ecopetrol fell 1.77% to US$17.20.
That smaller drop shows Colombia is not immune to this conflict, but it fared better than its neighbors.
But its heavier oil mix depends on refining profits, not just oil prices.
06 The outlook
Oil prices will keep reacting to whether US-Iran tensions turn into a real supply disruption or stay just a worry. Tight diesel supplies mean any new shock could push oil prices up faster than it would have a year ago.
For Latin American producers, the big question is simple. Will high oil prices finally boost investment in new projects?
These projects include Brazil’s pre-salt, Argentina’s Vaca Muerta, and Guyana’s Stabroek. Or will political and fiscal uncertainty keep a lid on growth?
07 What to watch
- US-Iran escalation: Any attack on tankers or terminals would test whether the risk premium already priced into WTI near US$91 is sufficient.
- Diesel prices: Diesel profit margins are unusually high right now. Watch whether strong diesel demand keeps pulling oil prices higher.
- Venezuela’s field reassignment: The US deal covering 17 oil fields could bring new operators. It could also create legal disputes that slow any recovery.
- Vaca Muerta drilling pace: YPF has committed US$160 million to 12 horizontal wells for Argentina LNG. It is a real test of shale investment.
Frequently Asked Questions
Why did oil hold near US$91 on Friday?
Renewed US-Iran fighting and Israeli threats against Tehran revived supply fears, with no actual disruption yet confirmed.
What is USO?
USO is the US Oil Fund, an exchange-traded fund that tracks West Texas Intermediate crude prices.
It closed at US$142.09 on Friday, up 0.67%.
Why did Petrobras fall while crude stayed firm?
Petrobras slipped 1.68% to US$20.51 on Friday. Traders pointed to caution about Venezuela’s restructuring and Mexico’s Pemex output debate.
What is happening in Venezuela’s oil sector?
A US-linked deal moved 17 oil fields to new operators on September 1, 2026.
The previous operators were Chinese and Russian firms.
This opens room for new investment.
But it also adds political uncertainty.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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