Latin America · Markets & Macro
Key Facts
—Brent near $110. The benchmark traded around $110 a barrel, down about 1.6% on the day after Trump canceled a planned strike on Iran, citing talks brokered by Qatar, the UAE and Saudi Arabia.
—Hormuz still effectively shut. The closure has removed more than 14 million barrels a day from the market, with the conflict having pushed Brent up about 50% since late February.
—A 1.78 mbd deficit now expected. The International Energy Agency flipped its 2026 balance to a deficit, from a previously projected surplus, warning that commercial inventories are draining fast.
