Rio Times · Analysis
Key Facts
—The Trigger US-led Operation Epic Fury in February 2026 closed the Strait of Hormuz, slashing crude flows from 20 million to 3.8 million barrels per day and sending Brent crude soaring by 55% in March.
—The Export Windfall Net oil exporters like Brazil, Colombia and Argentina pocketed massive export revenues during the price spike, while Central American and Caribbean importers suffered surging fuel and food bills.
—The Fertiliser Squeeze Brazil faces a severe agricultural risk after 41% of its urea imports were choked off at Hormuz, threatening the country’s vast soy, corn and sugar production cycles.
