Key Facts
- Brent traded near US$98 a barrel early on Tuesday, September 8, 2026, up about 1.2% and at its highest level since late July.
- West Texas Intermediate reached about US$94, up roughly 1.6% on the day and more than 14% higher over the past month.
- United States forces struck three Iranian crude tankers on Saturday, September 5, disabling two and destroying one, according to Central Command.
- Iranian loadings collapsed to about 260,000 barrels per day in August, against roughly 1.7 million barrels a day a year earlier.
- Traffic through the Strait of Hormuz averaged ten vessels a day in the ten days to Monday, the lowest since May, against about 100 before the conflict.
- United States diesel hit an all-time high of US$5.90 a gallon on Monday, above the peak reached after Russia invaded Ukraine.
Today’s Focus
Crude opened the week higher and kept climbing. Brent was quoted near US$98.33 a barrel early on Tuesday, up about 1.2%.
West Texas Intermediate traded near US$93.99, a gain of roughly 1.6%. The American benchmark is up more than 14% over the past month.
The driver is a shooting war over oil tankers. United States Central Command destroyed three Iranian crude carriers on Saturday, September 5.
Iran’s Revolutionary Guard Navy said it struck three tankers and three United States-linked vessels in reply. The claim has not been independently confirmed.
What matters today. Iran says a shipping deal with Oman is days away. Crude has risen on those headlines so far, and only a working arrangement would test the premium.
01 The session in one read
There was no New York settlement on Monday. The United States market was closed for Labour Day and Brazil’s B3 was shut for Independence Day.
London still traded. Brent swung between about US$94.65 and US$98.00 through Monday before pushing higher overnight.
The last clean American settlement was Friday, September 4, when WTI closed at US$91.48 a barrel. Brent ended that week near US$96.
By early Tuesday the picture had shifted again. WTI was quoted at about US$93.99, some 50% above its level a year ago.
Crude is no longer pricing a risk of disruption. It is pricing disruption that has already happened. Iranian exports have fallen more than 80% in a year, and Hormuz traffic is a fraction of normal. That makes the current premium harder to unwind than a headline-driven spike. The variable to watch is the Iran-Oman corridor talks, because a working shipping arrangement would restore volume without restoring Iranian barrels.
02 The board
| Measure | Level | Change | Read |
|---|---|---|---|
| Brent crude | US$98.33 | +1.20% | Highest since late July |
| WTI crude | US$93.99 | +1.58% | Up 14.45% on the month |
| Petrobras (PBR) | US$20.12 | −1.90% | Friday close; no Monday session |
| Ecopetrol (EC) | US$17.25 | +0.29% | Friday close; no Monday session |
| YPF | US$52.62 | +0.40% | Friday close in New York |
| Vista Energy (VIST) | US$73.73 | −1.18% | Friday close; no Monday session |
| US diesel, retail average | US$5.90/gal | record | All-time high, above the 2022 peak |
Buenos Aires was the one Latin American market that traded on Monday. The Merval fell 0.5%, and YPF shares added 0.2% there.
New York-listed prices above are Friday’s closes, because the exchange did not open on Monday. Crude percentages are measured against Monday’s electronic close. Rio Times · Live Market Intelligence
Live Market IntelligenceThe live market board
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
64,639.55
-0.35%
+12.17%
64,866.61
66,121
65,405
108,886,187
MERVAL
3,034,599
-0.48%
+30.51%
3,022,485
3,042,365
2,991,150
—
COLCAP
2,565.50
+0.82%
—
9.04
9.05
9.02
4,133
BVL PERÚ
59,789.81
-0.28%
—
—
—
—
—
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
The weekend brought the sharpest escalation yet in the tanker war. Central Command destroyed the M/T Downy off Kharg Island, the M/T Stark 1 near Jask and a third carrier in the Gulf of Oman.
Two vessels were described as permanently disabled and one as completely destroyed. The strikes came hours after the Revolutionary Guard fired ballistic missiles at a United States carrier and a destroyer the same day.
Iran’s Revolutionary Guard Navy then said it hit three oil tankers and three United States-affiliated ships. It did not name the vessels, and no independent source has confirmed the claim.
Iran’s parliament speaker, Mohammad Bagher Ghalibaf, said on Sunday that the era of proportionate responses was over. That language raised the perceived ceiling on further escalation.
Saudi Arabia was hit too. Aramco’s 400,000 barrel-a-day Jizan refinery came under fresh attack on Monday, the third strike on the plant in two months.
No group claimed the Monday attack. The August strike on the same refinery was attributed to the Houthis, not to Iran.
04 The Latin American read
Higher crude is a straightforward transfer to the region’s exporters. Colombia, Brazil, Argentina and Guyana all sell more oil than they buy. Mexico does not, because its fuel import bill now exceeds what it earns from crude sales.
Ecopetrol gains most directly on the fiscal side, because oil royalties feed a Colombian budget already stretched by earthquake reconstruction. Petrobras benefits from price but carries its own equity story.
Argentina is the quieter winner. Vaca Muerta output is rising into a market where the marginal barrel is scarce, which supports both YPF and Vista Energy.
The cost side matters too. Record diesel prices raise freight, agriculture and mining costs across the region.
05 The names to watch
Petrobras had no company news on Monday or Tuesday. Its pending item is the redemption of US$1.08 billion of 5.999% global notes due 2028, settling later this month.
Ecopetrol recently closed its US$1.2 billion purchase of 51% of Brazil’s Brava Energia. That deal moves part of its growth story out of Colombia.
YPF posted a US$1.21 billion second-quarter profit and lifted its 2026 core earnings guidance to US$8 billion. Capital spending guidance rose to US$6.2 billion.
Guyana remains the region’s swing story. The Stabroek Block produces about 900,000 barrels a day, and the Errea Wittu vessel arrived on August 21.
The natural resources ministry expects first oil from that vessel in the fourth quarter. That would push the country past one million barrels a day.
06 The outlook
Iranian loadings averaged about 260,000 barrels a day in August. A year earlier the figure was roughly 1.7 million, a fall of more than 80%.
Hormuz transits ran at five, eleven and six vessels on September 1 to 3. Kpler put the ten-day average at ten vessels a day on Monday, the lowest since May, against about 100 before the war.
Gulf crude exports have roughly halved, to about nine million barrels a day. Direct crude shipments through the strait average about 2.2 million barrels a day.
OPEC+ met on Sunday, September 6, and left output policy for October unchanged, according to Reuters. The group finished unwinding its 1.65 million barrel-a-day tranche in August, though other cuts run to the end of 2026.
07 What to watch
- The Iran-Oman corridor talks: Tehran said on Monday a deal to manage Hormuz shipping was days away. Crude rose on the headline, so only a working corridor would test the premium.
- Jizan refinery repairs: A fourth strike on the same Aramco plant would move the market. Watch Saudi loading data rather than statements.
- Errea Wittu startup: Guyana’s fifth vessel is due to begin producing in the fourth quarter. It is rated at 250,000 barrels a day, and an earlier start brings that volume forward.
- United States diesel: The retail average is at a record. Sustained strength feeds straight into Latin American freight and farm costs.
- American politics: Reuters and Ipsos put support for the campaign at 31% in late August. Quinnipiac last read 34% support against 60% opposition.
Frequently Asked Questions
Why is oil rising this week?
United States forces struck three Iranian tankers on September 5, and Iran said it struck six vessels in reply. Iranian exports have fallen more than 80% in a year.
Was there a Monday close for Latin American oil shares?
No. The New York Stock Exchange was shut for Labour Day and Brazil’s B3 was closed for Independence Day, so the prices shown are Friday’s closes.
How bad is the Strait of Hormuz disruption?
The ten-day average fell to ten vessels a day on Monday, the lowest since May, against roughly 100 a day before the conflict. Gulf crude exports have roughly halved.
Which Latin American producers benefit most?
Colombia and Guyana gain most on the fiscal side, while Argentina’s Vaca Muerta producers gain on volume. Record diesel prices offset part of the benefit region-wide.
WTI crude oil — Market data: RT; energy figures from EIA
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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