The Mexican export blend closed Monday, July 13, at 73 dollars per barrel, a 9.3 percent increase from the 66.8 dollars recorded the previous Friday, after U.S. President Donald Trump announced the reimposition of the naval blockade on the Strait of Hormuz.
The price spike was triggered by the latest episode of tension between the United States and Iran in the Persian Gulf. Trump ordered the reinstatement of the blockade on Iranian vessels in Hormuz and demanded that ships pay an amount equivalent to 20 percent of their cargo's value to transit the waterway, as reported by La Jornada. Iran responded with attacks on Gulf countries, deepening uncertainty in energy markets. The Strait of Hormuz handles roughly 20 percent of the world's crude supply, approximately 20 million barrels per day, so any disruption has immediate effects on global markets. For Mexico, the price increase has a dual impact: it boosts federal government revenues from crude exports, while simultaneously pushing up the cost of imported fuels paid by consumers in the country, including the millions of families with economic ties on both sides of the border.
The North Sea Brent benchmark rose 9.59 percent to close at 83.80 dollars per barrel, while West Texas Intermediate (WTI) advanced 9.42 percent to 78.14 dollars, according to Pemex data cited by El Universal. The Mexican blend had not reached a similar level since June 18. The 6.2-dollar-per-barrel increase in a single session reflects the market's sensitivity to disruptions in Hormuz, a route connecting major Persian Gulf producers with markets in Asia, Europe, and North America. Banorte strategists, cited by the same outlet, noted that the move was driven by the latest escalation in Middle East tensions and warned that a prolonged disruption in the strait would reintroduce inflationary pressures into global supply chains.
How crude prices behave in the coming days will depend on the evolution of the conflict in the Persian Gulf and on how markets respond to the Hormuz blockade. For Mexican consumers, the key variable to watch is gasoline prices, whose imported component adjusts in line with international benchmark prices.
This article was drafted with artificial intelligence assistance based on verified sources and reviewed by a human editor before publication.