The price of Mexico's export crude mix rose 9.33 percent on July 13, 2026, to $73.00 per barrel, driven by the Strait of Hormuz blockade and the third consecutive night of US military strikes against Iran, according to data reported by El Financiero.
The escalation began when Iran responded to the US bombardments by attacking military bases in Kuwait and Bahrain, while also announcing the closure of the Strait of Hormuz, through which approximately 20 percent of the world's crude supply passes, as reported by The Guardian. President Donald Trump ordered a blockade of Iranian vessels and declared a 20 percent toll on cargo transiting the waterway, a measure the UN characterized as contrary to international law. The crisis also struck two UAE oil tankers hit by Iranian cruise missiles in the strait, leaving one crew member dead and eight injured.
Global markets felt the blow immediately. WTI crude rose 9.42 percent to $78.14 per barrel and Brent advanced 9.25 percent to $83.04, while in after-hours trading Brent reached $84.60. The Mexican peso depreciated 0.26 percent, trading at 17.52 units per dollar. The S&P/BMV IPC index of the Mexican Stock Exchange fell 0.79 percent and the FTSE-BIVA retreated 0.80 percent. Analysts consulted by El Financiero noted that the market is already pricing in a 25-basis-point rate hike by the Federal Reserve for September 2026, with a second increase possible toward March 2027, driven by energy-related inflationary pressures.
The Hormuz supply disruption reignites the debate on energy security and source diversification. For Mexico, a crude producer and exporter, the price surge represents short-term additional fiscal revenue, but rising fuel costs and the risk of global inflationary pressures create a high-volatility scenario for public finances and energy policy in the second half of 2026.
This article was drafted with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.