Get our news on your inbox! x

Remember me Forgot password

MercoPress, en Español

Montevideo, June 25th 2026 - 06:24 UTC

Energy & Oil

  • Saturday, April 18th 2026 - 10:58 UTC

    Iran closes Hormuz again after less than 24 hours as two ships report being fired upon

    The reversal came as maritime tracking sites showed several ships attempting to take advantage of the opening

    Iran's reopening of the Strait of Hormuz lasted less than 24 hours. The Islamic Revolutionary Guard Corps declared on Saturday that it had reimposed “strict control” over the maritime corridor, through which roughly one-fifth of the world's oil and liquefied natural gas transits. At least two vessels reported being hit by gunfire while attempting to cross the strait, according to three maritime security sources cited by Reuters. It has not been confirmed whether the shots caused damage.

  • Saturday, April 18th 2026 - 02:53 UTC

    Uruguayan court rejects injunction against offshore seismic prospection, allowing exploration to continue

    The court dismissed the case on procedural grounds without fully examining the environmental merits

    A Montevideo civil court dismissed an injunction filed by social organizations and fishing industry unions against seismic prospection activities for hydrocarbon exploration in Uruguay's exclusive economic zone, allowing operations by the company Viridien (CGG Services) to continue on an offshore block assigned to oil major Chevron.

  • Friday, April 17th 2026 - 21:42 UTC

    Iran declares Hormuz “fully open” until ceasefire ends; Trump insists on keeping Iranian port blockade

    Despite the relief, normalizing traffic will take weeks. According to maritime intelligence firm Windward, at least 823 vessels remain trapped in the Persian Gulf

    Iran announced on Friday that the Strait of Hormuz will remain “fully open” to merchant shipping until the ceasefire with the United States expires next Wednesday. The decision, linked to the start of the 10-day truce between Israel and Lebanon announced by Trump on Thursday, triggered an immediate drop in oil prices of nearly 10% and strong relief across global markets.

  • Monday, April 13th 2026 - 21:52 UTC

    Tankers turn back at Hormuz as crude jumps over 4% on US blockade

    The Malawi-flagged tanker Rich Starry, 188 meters in length, turned around “within minutes of approaching the strait,” MarineTraffic reported

    Two oil tankers reversed course as they approached the Strait of Hormuz on Monday, just hours after the US naval blockade against Iranian ports took effect, according to maritime tracking platform MarineTraffic. Brent crude for June delivery closed up 4.4% at $99.36 per barrel, while US benchmark WTI rose 2.6% to $99.08, according to Bloomberg.

  • Monday, April 13th 2026 - 21:37 UTC

    Venezuela expands Chevron operations in Orinoco Belt following hydrocarbon reform

    The agreement is part of an asset restructuring in which Chevron is prioritizing its presence in extra-heavy crude while returning a marine gas field to the Venezuelan state

    Venezuela's government on Monday signed an agreement expanding US oil company Chevron's operations in the country, weeks after a hydrocarbon reform opened the sector to private and foreign investment. The signing ceremony took place at the Miraflores presidential palace in Caracas.

  • Friday, April 10th 2026 - 15:26 UTC

    Brazil's inflation rises to 4.14% in March driven by higher fuel and food costs

    The main driver of the acceleration was higher fuel costs, directly linked to international oil market volatility caused by the war between the United States, Israel and Iran

    Annual inflation in Brazil accelerated to 4.14% in March, pushed higher by rising fuel and food prices, the Brazilian Institute of Geography and Statistics (IBGE) reported on Friday. The figure reverses the slowdown recorded in February, when the index had eased to 3.81%.

  • Thursday, April 9th 2026 - 23:57 UTC

    Argentina approves glacier law reform, opens previously protected areas to mining

    The new law amends Law 26,639, in force since 2010, and introduces a fundamental shift: only glaciers that serve a “proven hydrological function” will retain full protection

    Argentina's Chamber of Deputies passed a reform of the National Glacier Law in the early hours of Thursday, an initiative pushed by President Javier Milei's government that reduces the scope of environmental protections in the Andean cordillera and opens previously restricted areas to mining. The vote was 137 in favor, 111 against and 3 abstentions, after more than eleven hours of debate in a special session. The bill had already been approved by the Senate.

  • Thursday, April 9th 2026 - 07:40 UTC

    Uruguay considers relocating HIF Global's green hydrogen megaplant to ease tensions with Argentina

    Government sources within the Orsi administration expressed confidence that a deal will be reached but rejected any suggestion of “giving away” energy or subsidizing the company's business model

    Uruguay's government is considering relocating within the department of Paysandú the synthetic fuels plant planned by multinational HIF Global, in an effort to simultaneously defuse diplomatic tensions with Argentina and advance what would be the largest private investment in the country's history, estimated at $5.385 billion in its final phase.

  • Thursday, April 9th 2026 - 01:08 UTC

    Brazilian judge suspends 12% crude oil export tax for five international oil companies

    Judge Humberto de Vasconcelos Sampaio ruled that the sudden imposition of the 12% rate amounts in practice to the creation of a new tax burden with a “merely revenue-raising” purpose

    A federal judge in Rio de Janeiro issued a preliminary injunction suspending the 12% crude oil export tax for five international companies operating in Brazil: Shell, TotalEnergies, Equinor, Repsol Sinopec and Petrogal. The ruling represents an initial court victory for the oil companies in their dispute with President Luiz Inácio Lula da Silva's government over a levy they consider unconstitutional.

  • Wednesday, April 8th 2026 - 21:11 UTC

    QatarEnergy and Chevron join Shell in Uruguay's offshore oil exploration

    Uruguay's offshore area encompasses more than 25,000 square kilometers of mapped territory, divided into seven blocks designated OFF-1 through OFF-7

    QatarEnergy and Chevron have formally entered as non-operating partners in offshore hydrocarbon exploration blocks off Uruguay's coast, in areas operated by Shell, state energy company Ancap announced. The incorporation of two of the world's largest energy companies reinforces international interest in Uruguay's offshore petroleum potential, a frontier exploration area that has gained prominence over the past two years.