LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

April 1, 2026

What Do Escalating Oil Prices Mean for Latin America?

The war in the Middle East has led to an escalation in international oil prices. An Iranian missile strike at oil refineries along Israel’s Haifa Bay on March 19 is pictured. // File Photo: Hanay via Wikimedia Commons CC BY-SA 4.0.

Q

A

Felipe Kury, Managing partner at FK Energy Partners in São Paulo and former director of the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP): “The escalation of tensions in the Middle East and rising disruption risks around the Strait of Hormuz underscore how geopolitical shocks can rapidly tighten global energy markets. The strait handles roughly 20 million barrels per day—about a quarter of global seaborne oil trade—and is also a critical corridor for LNG exports from the gulf. Any interruption can therefore spill over from crude into refined products and global gas markets. For Latin America’s major hydrocarbon producers, higher prices generally support export revenues and…”

Top News

Haiti Announces Austerity Plans Amid Soaring Oil Prices
Haiti’s government on Tuesday announced austerity measures amid soaring global oil prices, which have put additional pressure on the country’s fragile economy.
Shell Reportedly in Talks With Venezuela on Gas Projects
Oil supermajor Shell is in talks with Venezuela on developing four new offshore natural gas projects, Reuters reported today.
Colombian Central Bank Hikes Rates, Ávila Protests
Colombia’s central bank hiked its key interest rate a full percentage point, a move that drew criticism from Finance Minister Germán Ávila.

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The Inter-American Dialogue publishes the Latin America Advisor every business day for a distinguished membership of informed corporate leaders, scholars, and government officials invested in Latin America’s development and future. The Advisor‘s highly regarded Q&A section covers questions submitted by subscribers themselves. Commentators regularly include heads of state, business leaders, diplomats, economists, analysts, and thought leaders from around the world. Many of the world’s largest and fastest-growing companies subscribe to the Advisor. To subscribe, click here. For terms and conditions, click here. For more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

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Gene Kuleta
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gkuleta@thedialogue.org

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Diego Arria
Director,
Columbus Group

Merike Blofield
Professor of Political Science,
University of Hamburg

Devry Boughner Vorwerk
CEO,
DevryBV Sustainable Strategies

Joyce Chang
Global Head of Research,
J.P. Morgan

Marlene Fernández
Corporate Vice President for Gov’t Relations,
Arcos Dorados (McDonald’s)

Peter Hakim
President Emeritus,
Inter-American Dialogue

Donna Hrinak
Director,
Adtalem Global Education

Jon E. Huenemann
Council Member,
GLG Inc.

James R. Jones
Chairman,
Monarch Global Strategies

Craig Kelly
Senior Director,
Int’l Gov’t Relations,
Exxon Mobil

Barbara Kotschwar
Professor of Political Economy,
Georgetown University

John Maisto
Director,
US Education Finance Group

Nicolas Mariscal
Chairman,
Grupo Marhnos

Thomas F. McLarty III
Chairman,
McLarty Associates

Beatrice Rangel
Director,
AMLA Consulting

Ernesto Revilla
Head of Latin American Economics, Citi

Gustavo Roosen
President,
IESA

Andrés Rozental
President, Rozental &
Asociados

Shelly Shetty
Managing Director,
Sovereigns, Fitch

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