Oil Wrap: USO up 2.86% on Red Sea Supply Fears
The USO fund tracking WTI crude settled up 2.86% at US$153.09 as Houthi attacks and soaring Red Sea war-risk premiums rattled supply, while LatAm equities diver The post Oil Wrap: USO up 2.86% on Red Sea Supply Fears appeared first on The Rio Times .
Oil prices climbed on Thursday, September 24, 2026, as fears of supply disruptions in the Red Sea took hold. The USO fund, which tracks WTI crude, rose 2.86% to $153.09. The surge was driven by a tripling of war-risk insurance costs for Saudi-linked tankers using the Red Sea port of Yanbu, as well as Japan's high freight costs for crude.
Despite the rise in oil prices, Latin American producers like Petrobras, Ecopetrol, and YPF saw their shares fall, indicating that the rally was driven by shipping bottlenecks and geopolitical concerns rather than stronger demand for their crude.
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