Oil Surges on Hormuz Attack; Petrobras, YPF Rally
WTI proxies jumped after two tankers were struck near the Strait of Hormuz. Petrobras and YPF shares climbed as the shock repriced Latin American barrels. The post Oil Surges on Hormuz Attack; Petrobras, YPF Rally appeared first on The Rio Times .
Oil prices surged on September 1, 2026 following an attack on two tankers near the Strait of Hormuz. The WTI-tracking fund USO rose 5.46% to US$141.00, reflecting traders' concerns over potential disruptions to Gulf crude shipments. Latin American energy stocks followed the upward trend, with Petrobras up 5.06% to US$20.33, Ecopetrol increasing 4.68% to US$17.45, and YPF climbing 1.71% to US$52.46.
The rally was driven by genuine supply-disruption fears rather than speculation, and foreign investors saw Latin American barrels as more valuable during the crisis. Petrobras benefited from both the price spike and its record pre-salt production, which reached 3.34 million barrels of oil equivalent per day in the second quarter of 2026.
Ecopetrol showed closer alignment with global crude prices, while YPF's smaller gain highlighted its reliance on domestic factors. The immediate outlook hinges on whether Hormuz shipping resumes normal operations or remains disrupted, with any prolonged rerouting potentially keeping a supply-risk premium on crude prices.
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.
