Oil Falls on Hormuz Freight Risk; Petrobras Slides
USO eased 1.8% as Iran blacklisted 45 tankers and Houthis hit a Saudi ship in the Red Sea. Petrobras fell 2.87%; Guyana, Mexico and Vaca Muerta stay busy. The post Oil Falls on Hormuz Freight Risk; Petrobras Slides appeared first on The Rio Times .
On Monday, August 24, 2026, the WTI-tracking USO fund dropped 1.80% to US$132.21 as investors took profits following last week's sanctions on Iran. Petrobras saw the steepest decline among Latin American oil stocks, falling 2.87% to US$18.60. YPF, the Argentine producer, was the only regional oil name to gain, up 0.20% to US$51.28.
Despite strong pre-salt output from Petrobras' Tupi field, the broader market focused on shipping disruption risk. The situation highlights how geopolitical tensions in the Middle East quickly impact Latin American oil equities, even when regional production is strong.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
