Smoke Over the Strait: How the US-Iran War Is Hitting Latin America's Wallets and Strategic Position

Rio Times · Analysis

Key Facts

—The Trigger Sustained US strikes on Iranian nuclear and military sites, including a nuclear plant in Khuzestan province, continued for a ninth consecutive night as of July 20, 2026, with Iran vowing “appropriate action” and reporting its first strike on Tabriz.

—The Tanker Blasts Iran’s Islamic Revolutionary Guard Corps reported two oil tankers intending to transit the Strait of Hormuz exploded, tightening the choke point through which roughly one-fifth of global oil consumption flows daily.

—The Price at the Pump and Beyond Brent crude held near $90 per barrel while the average US gasoline price hit $3.99 per gallon, according to AAA, as the IMF warned $90 oil plus a stronger dollar is a “combustible mix” for emerging-market economies running current-account deficits.