Oil tops $90 a barrel after attacks in the Strait of Hormuz

The price of Brent crude rose almost 3% and topped $90 a barrel after a series of U.S. military attacks in the Strait of Hormuz, according to the newspaper El Español on August 31, 2026. According to the report, the U.S. intervention targeted two rocket launchers of Iran's Revolutionary Guard located on Larak Island, in response to the alleged preparation of naval mines in the area.

Meanwhile, West Texas Intermediate (WTI) crude, which serves as the main benchmark in the U.S. market, posted sharp gains and rose about 2.6%, to above $85 a barrel, according to data published by El Español. For its part, the outlet El Nacional noted that the military tension around the strait is again fueling nervousness in international commodity markets, given the lack of open negotiating channels between Washington and Tehran.

Additionally, the newspaper La Tercera reported that Brent advanced 3.20% to trade at $90.92 a barrel, while WTI traded near $86.54 following the attack on Larak Island. These moves reflect the critical importance of the Strait of Hormuz, considered one of the main bottlenecks in global energy supply, through which a substantial part of global crude trade passes.

For Latin America, higher fuel prices on international markets have a direct and differentiated impact depending on each country's economic structure. While the region's crude-importing nations face greater inflationary pressures and higher transport and import costs, net exporters receive extraordinary fiscal revenues that alter the regional trade balance.

International authorities and markets are closely monitoring the evolution of commercial traffic in the region to assess whether this new energy shock will persist.

Image generated with artificial intelligence.