Key Facts
- WTI proxy firms The United States Oil Fund, which tracks WTI crude, closed at US$141.15, up 0.11 percent on Wednesday.
- Hormuz traffic collapses Only four ships transited the Strait of Hormuz after a deadly attack on a Saudi tanker blamed on Iran.
- US stockpiles fall American commercial crude inventories dropped by 4.5 million barrels in the week to August 28.
- Chevron commits to Venezuela Chevron will invest more than US$7 billion in Venezuela over five years to double output to about 600,000 barrels per day.
- Petrobras ADRs rally Petrobras shares in New York rose 2.61 percent to US$20.86, the strongest move among Latin American oil names.
- YPF climbs on Vaca Muerta hopes Argentina’s YPF advanced 2.76 percent to US$53.91, leading the region’s producers.
Today’s Focus
Oil markets steadied on Wednesday as the Strait of Hormuz, the world’s most important chokepoint for crude, saw traffic crater to just four ships after Iran was accused of attacking a Saudi tanker. The United States Oil Fund, the main exchange-traded proxy for WTI crude, closed at US$141.15, a modest daily gain of 0.11 percent.
Supply fears were reinforced by a drop of 4.5 million barrels in US commercial crude inventories, bringing stockpiles to 424.5 million barrels. Meanwhile, Chevron unveiled a US$7 billion commitment to double its Venezuelan output, and OPEC+ signalled it would hold production steady when core members meet on Sunday.
Brazil’s Petrobras and Argentina’s YPF were the standout regional winners, both gaining more than 2.5 percent on the session, while Colombia’s Ecopetrol edged up 0.34 percent.
What matters today. The market is now pricing a prolonged disruption premium into WTI-tracking instruments.
01 The session in one read
Oil traded with a nervous edge on Wednesday, September 2, 2026, as investors weighed the military escalation in the Persian Gulf against the prospect of steady OPEC+ output. The United States Oil Fund, which tracks WTI crude, settled at US$141.15, up a clipped 0.11 percent from the prior close.
The day’s narrative was dominated by the Strait of Hormuz, where traffic fell to four ships after Riyadh formally accused Tehran of targeting the Bahri-owned tanker Sidr. Two Filipino crew members died from Monday’s attack, adding a human toll to the shipping disruption.
Wednesday’s session confirmed that the Strait of Hormuz disruption and falling American inventories are the twin pillars of the current crude bid. With OPEC+ expected to hold output steady and Chevron committing billions to Venezuela, the supply picture remains tight enough to keep WTI proxies firm.
Watch the frequency of confirmed Hormuz transits and any change in OPEC+ guidance after Sunday’s meeting.
02 The board
The board showed a clear regional split on Wednesday. Petrobras ADRs jumped 2.61 percent to US$20.86, making the Brazilian state-controlled producer the strongest performer among the four names tracked. Argentina’s YPF followed closely, climbing 2.76 percent to US$53.91 as investors positioned for continued Vaca Muerta momentum.
Colombia’s Ecopetrol was the laggard, adding just 0.34 percent to US$17.51. The United States Oil Fund’s 0.11 percent rise to US$141.15 suggests that Tuesday’s sharp rally was already consolidating, leaving equity investors to chase the producers rather than the commodity proxy itself.
| Asset | Level | Change |
|---|---|---|
| WTI crude (USO) | US$141.15 | +0.11% |
| Petrobras | US$20.86 | +2.61% |
| Ecopetrol | US$17.51 | +0.34% |
| YPF | US$53.91 | +2.76% |
Source: RT close, 2026-09-02. 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 | 185,205.09 | +3.05% | +21.85% | 179,722.48 | 168,310 | 167,142 | — |
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,833.08 | +0.49% | +12.17% | 64,514.25 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,106,216 | +1.86% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,489.31 | +0.77% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,515.48 | +0.34% | — | — | — | — | — |
| 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
The proximate driver was the collapse in Hormuz traffic to only four ships after the attack on the Sidr. With the Strait handling a fifth of global oil flows, any sustained closure would force rerouting and sharply lift transport costs.
Reinforcing the bid, US commercial crude inventories fell by 4.5 million barrels in the week ending August 28, according to the Energy Information Administration. Stockpiles now stand at 424.5 million barrels, tightening the physical market even as fuel demand shows signs of seasonal firmness.
04 The Latin American read
For Brazil, the elevated oil environment directly feeds the economics of the country’s deep-water pre-salt fields. Petrobras has already posted a second-quarter net profit of 52.4 billion reais, and analysts expect earnings per share to rise 112.5 percent year over year to US$1.36.
In Venezuela, Chevron’s announcement that it will invest more than US$7 billion over five years and double production to about 600,000 barrels per day marks a decisive bet on improved fiscal terms. The move comes even as President Trump claims majority US control over more than 65 billion barrels of Venezuelan proven reserves, a statement whose legal and operational footing remains unclear.
05 The names to watch
Petrobras remains the region’s bellwether for offshore production profits, and its New York shares at US$20.86 reflect expectations for a sharp earnings jump. YPF at US$53.91 is the purest listed play on Argentina’s Vaca Muerta shale, which benefits disproportionately when crude stays above elevated levels.
Ecopetrol’s muted rise to US$17.51 shows investors are still weighing Colombia’s higher fiscal burden against the company’s exposure to the same Gulf-driven price shock. Chevron’s Venezuela push will also ripple through regional supply forecasts, potentially capping upside for Brazil’s heavier pre-salt grades if sanctions relief broadens.
06 The outlook
The market now faces a weekend OPEC+ meeting at 11:00 GMT on Sunday, where seven core members including Saudi Arabia and Russia are expected to leave October output unchanged. A surprise quota increase would test the current disruption premium, while any further escalation in Hormuz could push WTI proxies above their recent range.
For Latin American producers, the critical variable is how long shipping disruptions persist without triggering demand destruction. If freight rates spike and refining margins compress, even the strongest balance sheets in Brazil and Argentina may face a delayed but real headwind.
07 What to watch
- Hormuz transits: Any recovery or further collapse in daily ship counts will set the near-term direction for WTI proxies.
- OPEC+ meeting: Sunday’s online meeting could signal a production policy shift; watch for any quota revision beyond October.
- US inventory data: Another weekly draw in the 4.5 million barrel range would deepen the physical tightness narrative.
- Venezuela licensing: Chevron’s US$7 billion plan depends on Washington holding sanctions relief steady.
Frequently Asked Questions
What is USO?
USO is an exchange-traded fund designed to track the spot price of WTI light sweet crude delivered to Cushing, Oklahoma.
Why did Petrobras shares rise?
Petrobras ADRs gained 2.61 percent to US$20.86 on expectations of a 112.5 percent year-over-year jump in second-quarter earnings per share.
How tight is the US oil market?
US commercial crude inventories fell by 4.5 million barrels in the latest week to 424.5 million barrels.
What is happening in Venezuela?
Chevron plans to invest over US$7 billion to double oil output to about 600,000 barrels per day under new fiscal terms.
Market data: RT
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