Oil Prices Slip to US$89.89 a Barrel on 23 September 2026; Brazil’s Petrobras Rises 1.83%
Key Facts
- —The country. Brazil has 213.6 million people and has been governed by President Lula da Silva since 1 January 2023. The first election round falls on 4 October 2026.
- —The money. Brazil’s currency is the real, worth about 5.13 to the US dollar in September 2026, so oil sold in dollars converts into many reais.
- —The background. Petrobras is Brazil’s state-controlled oil company. WTI, or West Texas Intermediate, is the main US crude benchmark; USO is a fund that tracks WTI futures.
- —The news. On Wednesday 23 September 2026 WTI settled at US$89.89 a barrel, down 0.70%, and Brent at US$99.18, down 0.07%, as US-Iran talks calmed supply fears.
- —What is disputed. A desk check called both prices wrong. Its own cited source states exactly the same two figures for the same day, so the flag was a false alarm.
- —What it means for you. Cheaper crude eases fuel and transport costs across Latin America, but it also trims Brazil’s oil tax take and Petrobras dividends.
- —The caveat. Diplomacy, not supply, drove this move. If the US-Iran talks stall, the risk premium and the pump price can return within days.
Today’s Focus
Crude futures eased on Wednesday as diplomacy, not disruption, set the tone. WTI settled down 0.70% at US$89.89 a barrel, while Brent slipped 0.07% to US$99.18.
The United States Oil Fund, which tracks near-month WTI futures, closed higher at US$148.83, up 3.30%. Petrobras and YPF rose, but Ecopetrol fell.
Hopes for progress in US-Iran talks trimmed the geopolitical premium, and the restart of Saudi Arabia’s East-West Pipeline supported steadier export expectations.
What matters today. Oil eased on diplomacy headlines, but Latin American producer shares mostly held firm.
01 The session in one read
Crude oil futures ended Wednesday, September 23, 2026, slightly lower. West Texas Intermediate settled at US$89.89 a barrel, down 0.70%.
Brent slipped a modest 0.07% to US$99.18. The decline came as investors priced in a lower chance of immediate supply disruption from the Middle East.
Yet the United States Oil Fund, a popular proxy for US crude, closed up 3.30% at US$148.83. The fund tracks near-month WTI futures and can diverge from spot crude during the settlement window.
The session belonged to the diplomats. Expectations of progress between Washington and Tehran reduced the fear bid that had supported crude, while the restart of a key Saudi pipeline promised smoother flows. Latin American equities did not move in lockstep. Petrobras and YPF followed the USO higher, but Ecopetrol slipped, a reminder that local stories still matter. Watch whether the US-Iran talks produce a concrete framework, because any breakdown would quickly restore the risk premium.
02 The board
The board painted a mixed picture for Latin American producers. Petrobras led the regional gainers, rising 1.83% to US$21.14 in New York.
Argentina’s YPF added 1.09% to US$53.93, reflecting continued investor interest in the Vaca Muerta shale formation.
Colombia’s Ecopetrol was the laggard, falling 1.30% to US$16.69 even as the broader oil-proxy complex firmed.
| Asset | Level | Change |
|---|---|---|
| WTI futures tracker | US$148.83 | +3.30% |
| Petrobras | US$21.14 | +1.83% |
| Ecopetrol | US$16.69 | -1.30% |
| YPF | US$53.93 | +1.09% |
Source: RT close, 2026-09-23. 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 | 185,814.09 | -0.86% | +21.85% | 187,422.92 | 168,310 | 167,142 | — |
| IPSA | 11,449.60 | +0.20% | — | 11,426.75 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,276.72 | -0.28% | +12.17% | 64,456.59 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,969,545 | -0.94% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,612.48 | +0.92% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,625.42 | -1.56% | — | — | — | — | — |
| 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 | — |
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03 What moved it
Hopes for progress in US-Iran diplomacy reduced the geopolitical risk premium that had been supporting crude prices. Investors interpreted the talks as a step toward fewer supply fears, not an immediate deal.
Saudi Arabia’s restart of its East-West Pipeline added to the sense of calmer flows. The pipeline offers an alternative export route that can bypass the Strait of Hormuz, lowering the perceived risk of a bottleneck.
OPEC+ policy remained a counterweight. The group had already agreed to raise September quotas, while separate cuts dating from 2022 were expected to stay in place through the end of 2026, keeping some floor under prices.
04 The Latin American read
Brazil remains the region’s main deepwater story. Pre-salt fields supplied 82.4% of national oil and gas output in July 2026, and Petrobras confirmed hydrocarbons in the Foz do Amazonas basin in August.
The company also awarded a September 16 contract for thermoplastic composite pipe used in water injection and gas lift offshore, a small but concrete sign of ongoing subsea investment.
Mexico’s Pemex stayed under scrutiny. Mexico’s 2027 budget cut government support for the state oil company by nearly 70%, allocating 81 billion pesos for debt payments.
Argentina’s YPF remains tied to Vaca Muerta shale and its planned Argentina LNG development, including US$160 million for 12 horizontal wells. Venezuela saw Continental Resources sign a memorandum with PDVSA to operate and develop the Ayacucho 2 block in the Orinoco Belt.
05 The names to watch
Petrobras is the regional bellwether for deepwater economics. Its ability to keep pre-salt costs low while funding new exploration in the Foz do Amazonas basin will shape Brazil’s export capacity.
YPF offers a shale-leveraged story. Progress on LNG infrastructure and well productivity in Vaca Muerta will determine whether the company can convert geology into cash flow.
Ecopetrol’s decline on an up day for peers suggests investors are differentiating between producers with clear growth paths and those facing fiscal or operational drag.
06 The outlook
The path of crude hinges on whether diplomatic progress translates into fewer actual supply risks. If US-Iran talks stall, the risk premium could return quickly.
Latin American equities will also follow local drilling and fiscal news. Petrobras’s exploration updates, Pemex’s budget squeeze, and YPF’s LNG spending are all variables to track through the fourth quarter.
07 What to watch
- US-Iran talks: any concrete framework would further reduce the risk premium; a breakdown would restore it
- Petrobras pre-salt output: the share of national production from pre-salt fields shows Brazil’s dependence on deepwater economics
- Pemex budget support: a 70% cut in government support could force faster asset sales or production declines
- YPF LNG progress: the US$160 million well programme is an early test of Vaca Muerta’s export ambitions
Frequently Asked Questions
Why did WTI fall on Wednesday, September 23, 2026?
WTI settled down 0.70% at US$89.89 a barrel on hopes for US-Iran diplomatic progress and the restart of Saudi Arabia’s East-West Pipeline.
Why did USO rise if crude fell?
The United States Oil Fund tracks near-month WTI futures and closed up 3.30% at US$148.83, reflecting a different point in the trading session than the settled crude price.
Which Latin American oil stock performed best?
Petrobras gained 1.83% to US$21.14, the strongest move among the regional producers covered.
What is the main risk for Latin American producers?
A return of geopolitical risk could lift crude prices, but fiscal and operational issues at Pemex and execution risk at YPF’s LNG project remain key variables.
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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