On a recent Tuesday, the price of Mexico’s export oil mixture reached $70.32 per barrel, representing the highest level since June 20 of last year, according to Petróleos Mexicanos (Pemex). This marked an increase of 5.5% from the previous day, driven by geopolitical uncertainty in the Middle East and the recent closure of the Strait of Hormuz following attacks by Israel and the United States on Iran. This spike in oil prices highlights the significant impact of global tensions on local markets and economies.

The recent rise in oil prices places the Mexican oil price 28% higher than the anticipated price as per the country’s Ministry of Finance and Public Credit (SHCP). The General Criteria for Economic Policy 2026 had projected an average price of $54.9 per barrel for this year. This increase not only affects domestic markets but also public finances, as last year, the Secretary of Finance, Edgar Amador Zamora, indicated that for every dollar increase in oil export prices, the public coffers could gain approximately 13,100 million pesos.