Oil Eases, Hormuz Crisis Keeps Crude Above US$100
WTI eased on September 18, 2026 as Europe faced a Saudi crude cutoff and Macron pushed for emergency stock releases. Petrobras, YPF and Guyana held firm. The post Oil Eases, Hormuz Crisis Keeps Crude Above US$100 appeared first on The Rio Times .
Oil prices hovered above $100 per barrel on Friday, September 18, 2026, despite a slight dip due to the ongoing crisis in the Strait of Hormuz. The October WTI contract closed at $100.30 per barrel, down $1.61 or 1.58% from previous levels, while November Brent settled at $103.87, down 0.9% from the prior settlement. These figures were reported by Nymex and ICE from their settlements.
The primary focus of the day was the Strait of Hormuz, where Saudi Aramco informed at least two European refiners that their October allocations would be zero. This move came amid French President Emmanuel Macron urging G7 allies to coordinate an emergency oil stock release. Latin American producers responded differently to the crisis.
Petrobras ADR dropped 0.67% to $20.80, while Colombia's Ecopetrol rose 1.15% to $17.58, and Argentina's YPF gained 0.88% to $54.96. Guyana's oil production, which had peaked in February 2026, continued to decline as the Uaru project was set to add around 250,000 barrels per day before the end of 2026.
The market's primary concern was not a shortage of crude oil itself but rather the reliability of delivery routes. The closure of the Hormuz Strait had made the delivery of Middle Eastern barrels conditional, slow, and politically fragile. As a result, Latin American barrels became more valuable since they did not pass through the Hormuz Strait.
Friday's relatively mild decline in crude prices, despite Saudi Arabia cutting off European term customers for October, indicated that the market was pricing the importance of dependable delivery routes. Latin American barrels appeared more valuable as they bypassed the Hormuz Strait, making them more reliable for delivery.
The situation highlights the significance of geography and logistics in the oil market, rather than the raw supply of crude oil. The upcoming weeks will be crucial in determining whether governments can address the Hormuz shortfall with strategic reserves. If the G7 acts swiftly, benchmark prices could ease further without breaking the $100 mark.
Conversely, if coordination stalls, diesel and jet fuel prices may tighten instead. Latin American producers are expected to remain supported as long as shipping through the Panama Canal and Suez Canal remains congested, and European buyers continue to seek cargoes that avoid the Persian Gulf.
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.
