LATAM Corporates Daily: Your daily dose of all things LatAm

Research evidence excerpt

LATAM Corporates Daily: Your daily dose of all things LatAm

J P M O R G A N Latin America Credit Research

16 July 2026

LATAM Corporates Daily

Your daily dose of all things LatAm

Latin America Corporate Research

Natalia Corfield AC

(1-212) 834-9150

natalia.corfield@jpmorgan.com

J.P. Morgan Securities LLC

Alejandra Andrade

Highlights (1-212) 834-3220

alejandra.andrade@jpmorgan.com

• Oil Markets Weekly by Natasha Kaneva: A familiar sequence J.P. Morgan Securities LLC

• Peru: Early El Niño effects emerge as fisheries collapse Ian B Snyder (1-212) 834-3798

• Mid-year catch-up with the Latam team ian.b.snyder@jpmchase.com

• Performance J.P. Morgan Securities LLC

Florencia Palacios

Prices in this note are as of July 15, 2026. (1-212) 622-1129

florencia.x.palacios@jpmorgan.com

Bhavya Gupta

(91-22) 6157-3132

Oil Markets Weekly by Natasha Kaneva: A familiar sequence bhavya.x.gupta@jpmchase.com

The Strait of Hormuz has escalated again into a standoff over control of navigation, J.P. Morgan India Private Limited

as Iran pushes mandatory transit protocols and fees, Oman counters with a US-

backed coastal corridor, and enforcement actions and reprisals mount—stalling the

early-June recovery in transit. Confirmed flows through Hormuz have fallen to

~5.1 mbd from ~12.5 mbd a week ago (including ~1.7 mbd of Iranian exports), with

traffic shifting toward Iran-approved channels and “dark” routes while Omani-

route transits have largely dried up. The shock is also spreading through products:

Persian Gulf product exports have slipped back to ~1.2 mbd (vs ~3.0 mbd pre-war)

as floating-storage drawdowns fade and Gulf refineries are still running ~2.1 mbd

below normal, keeping product exports constrained and leaving the market short

roughly ~2.5 mbd of Middle East product supply.