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The Ibovespa fell 0.9% on Monday, closing at 185,501, pressured by a rebound in oil prices and ongoing political uncertainty. Oil rose after Saudi Arabia shut down a key pipeline that bypasses the Strait of Hormuz. A diplomatic meeting in Oman between Iran and Gulf Arab states, scheduled for Monday to discuss the Hormuz situation, was abruptly postponed following the attack on the pipeline. Renewed energy-driven inflation concerns ahead of interest-rate decisions by both the BCB and the Fed weighed on credit-sensitive stocks. Major banks retreated, with Itaú down 0.9% and Bradesco down 1.4%. Utilities also closed lower, led by a 1.5% drop in Eneva. Political risk remained elevated amid the ongoing Supreme Court crisis, while new election polls confirmed a tight presidential race between President Lula and Flávio Bolsonaro. Brazil’s stock-market volatility index rose 5.24%. Vale sank 3.5% as iron ore prices in China ended the session lower.
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