Key Facts
- USO fell 1.8% the WTI-tracking fund closed at US$132.21 on Monday, August 24, 2026 as traders took profits on last week’s jump following Washington’s new Iran sanctions campaign.
- Petrobras slid 2.87% the Brazilian producer’s New York shares settled at US$18.60 even as the company highlighted Tupi field output of about 1 million barrels per day.
- Iran blacklisted 45 tankers the Strait of Hormuz standoff threatens fines, detention and cargo confiscation on vessels tied to two of the Gulf’s biggest oil producers.
- Houthis hit a Saudi tanker the Bahri-owned Amzan was targeted by a ballistic missile and drones off Yanbu in the Red Sea on Monday.
- YPF rose 0.20% the Argentine producer closed at US$51.28 after selling non-core assets to raise about US$1 billion for Vaca Muerta drilling.
- Guyana lifted its take to 39.8% the government raised its effective share of crude on August 18, 2026, including a 2% royalty, while Stabroek output runs near 870,000 barrels per day.
Today’s Focus
The WTI-tracking USO fund closed down 1.80% at US$132.21 on Monday, August 24, 2026. The slide was profit-taking: crude had already jumped last week when Washington announced its toughest-ever sanctions campaign on Iran, and Monday gave some of that back.
Petrobras fell 2.87% to US$18.60, the steepest move among the region’s oil names, despite strong pre-salt output from Tupi. YPF bucked the trend, up 0.20% at US$51.28.
Ecopetrol slipped 1.14% to US$17.33. Investors weighed disruption risk against still-resilient demand for Latin American crude.
The session showed how geopolitics in the Middle East quickly filters into Latin American oil equities, even when regional production news is positive.
What matters today. Investors are pricing shipping disruption risk alongside strong regional supply, leaving Latin American oil names mixed.
01 The session in one read
The WTI-tracking USO fund closed down 1.80% at US$132.21 on Monday, August 24, 2026. Traders sold the energy complex after last week’s sanctions-driven rally ran out of road, even as Iran blacklisted 45 oil, LNG, LPG and product tankers.
The threat includes fines, detention and cargo confiscation, aimed at vessels tied to two of the Gulf’s biggest producers. Houthi militants separately said they targeted the Saudi tanker Amzan off Yanbu in the Red Sea with a ballistic missile and drones.
Brazilian state-controlled Petrobras fell 2.87% to US$18.60, the sharpest drop among regional oil names. Argentine producer YPF was the outlier, up 0.20% at US$51.28.
Monday’s session was defined by profit-taking after last week’s sanctions rally, in a market already balancing strong Latin American supply against softer demand signals. The USO fund’s 1.80% decline shows traders are not yet treating disruption as a supply crisis, but as a sharp rise in risk premia. Watch whether Iran’s tanker blacklist shifts from threat to enforcement, as that would quickly lift the WTI-tracking fund and regional producers.
02 The board
Petrobras shares in New York dropped 2.87% to US$18.60 even though the company’s pre-salt portfolio keeps growing. Colombia’s Ecopetrol slipped 1.14% to US$17.33.
YPF edged up 0.20% to US$51.28 as investors rewarded its asset sales and the rising share of shale barrels from Vaca Muerta. The divergence shows Latin American oil exposure is not one trade; geopolitics hit headline names, while company-specific Vaca Muerta momentum held.
| Asset | Level | Change |
|---|---|---|
| WTI crude (USO) | US$132.21 | -1.80% |
| Petrobras | US$18.60 | -2.87% |
| Ecopetrol | US$17.33 | -1.14% |
| YPF | US$51.28 | +0.20% |
Source: RT close, 2026-08-24. 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 | 171,906.72 | +0.51% | +21.85% | 171,031.73 | 168,310 | 167,142 | — |
| IPSA | 11,537.98 | +1.76% | — | 11,338.38 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 66,105.23 | +0.57% | +12.17% | 65,729.18 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,995,129 | +2.81% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,510.72 | +2.09% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,222.25 | -0.17% | — | — | — | — | — |
| 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
The direct catalyst was profit-taking. Prices had already climbed last week on Washington’s sanctions announcement, so Monday was traders banking gains rather than a fresh bearish signal. Iran’s blacklisting of 45 tankers keeps a floor under the market: the risk is not an immediate supply drop, but detention and confiscation that could strand cargoes.
The Houthi attack on the Amzan off Yanbu added to unease, with Saudi shipping firm Bahri confirming its vessel was involved. Any escalation in the Red Sea corridor forces tankers toward longer routes, raising freight costs.
TotalEnergies added a defensive twist on Monday, saying it will invest in two pipelines to bypass the Strait of Hormuz. That signals a market preparing for persistent chokepoint risk even if oil still flows today.
04 The Latin American read
Petrobras is leaning on the pre-salt as its production engine. The Tupi field in the Santos Basin has surpassed 4 billion barrels of cumulative output and now averages around 1 million barrels of oil per day in 2026.
Across the company, 28 of its 57 operated production assets sit exclusively in the pre-salt. That scale means any global price slip quickly hits Brazil’s export and fiscal story, which is partly why Petrobras underperformed.
In Argentina, YPF is selling non-core assets to fund shale. It sold its 50% stake in fertiliser maker Profertil for US$635 million to Adecoagro and divested the Manantiales Behr fields for US$410 million to PECOM.
YPF has raised its 2026 capital expenditure plan to US$5.8–6.2 billion. It is guiding average shale-oil output near 215,000 barrels per day with an exit rate around 250,000 barrels per day, helped by Halliburton’s Zeus electric fracturing fleet arriving in Neuquén from the fourth quarter of 2026.
05 The names to watch
Petrobras is exporting the pre-salt playbook. It has joined Pemex in a pre-salt exploration partnership offshore Campeche, targeting deep Jurassic-age rocks after Pemex’s unsuccessful attempt in 2018.
Guyana remains the region’s fastest-moving oil story. The Stabroek Block has produced 1 billion barrels since December 2019, and the government lifted its effective take to 39.8% on August 18, 2026.
Argentina LNG, backed by YPF, Eni and XRG, has submitted a US$51 billion integrated LNG project under the Large Investment Incentive Regime. About US$29 billion is planned by 2031, with targeted annual export revenues of US$10 billion over two decades.
06 The outlook
The market is now caught between abundant Latin American supply and rising chokepoint risk. Until Iran’s tanker blacklist becomes a real seizure, traders may treat it as noise, but the premium is returning fast.
Watch Pemex’s Campeche pre-salt work with Petrobras and the ramp-up of YPF’s Zeus electric fleet. Both signal Latin America’s answer to disruption: more barrels from politically safer basins closer to open shipping lanes.
07 What to watch
- Iran tanker enforcement: Watch whether any blacklisted vessel is actually detained or fined; enforcement would lift the WTI-tracking USO fund.
- Red Sea shipping routes: Watch for further Houthi attacks on Saudi-linked tankers, which would raise freight costs and widen regional crude spreads.
- YPF Vaca Muerta ramp: Watch for updates on Halliburton’s Zeus electric fracturing fleet deployment in the fourth quarter of 2026.
- Guyana production step-up: Watch for the next Stabroek project lift of about 250,000 barrels per day later in 2026, which would boost Guyana’s export share.
Frequently Asked Questions
Why did USO fall on Monday?
The WTI-tracking fund dropped 1.80% to US$132.21 on profit-taking after last week’s rally on new US sanctions against Iran, even as tanker risks kept a floor under prices.
Why did Petrobras underperform?
Petrobras fell 2.87% to US$18.60 even with strong Tupi pre-salt output, because any global oil slip quickly hits Brazil’s export and fiscal picture.
What is happening in Vaca Muerta?
YPF is selling assets to raise about US$1 billion for shale drilling and will deploy Halliburton’s Zeus electric fracturing fleet in Neuquén from the fourth quarter of 2026.
How is Pemex responding?
Pemex is partnering with Petrobras to explore pre-salt targets offshore Campeche, aiming to replicate Brazil’s deep-water success in Mexican waters.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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