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The Ibovespa edged lower to trade near the 177,000 mark on Monday after military exchanges between the US and Iran. US and Iranian forces exchanged heavy missile and drone attacks over the weekend and into Monday, pushing oil prices higher on renewed concerns over crude shipments through the Strait of Hormuz. Energy-driven inflation concerns reinforced expectations that interest rates will remain higher for longer. Meanwhile, the Focus survey showed lower inflation forecasts for 2026. Financials traded mixed, with Bradesco gaining 0.5% and Itaú trading near flat, while Itaúsa and Banco do Brasil edged lower. Utilities posted losses, with Axia edging down and Sabesp losing nearly 1%. Vale fell nearly 1% on lower iron ore prices. Other notable laggards included WEG (-2%), Rede D'Or (-1%), and Embraer (-1%). In contrast, Petrobras advanced more than 2% on higher oil prices.

Ibovespa Slips Amid Middle East Tensions

Brent crude oil climbed more than 3% to around $78.7 per barrel on Monday after the US launched another wave of strikes against Iran, intensifying concerns over supply disruptions in the Middle East. Iran declared the Strait of Hormuz closed until further notice, while Western naval forces maintained that the key shipping route remained open. President Donald Trump said the US would likely take control of the strait and seek reimbursement for securing it, although he provided no further details. Tehran said talks to reduce tensions were continuing despite the interim peace agreement entering a "crisis phase." Iran also targeted US allies across the region, with Kuwait reporting damage to an offshore drilling platform. Tanker traffic through Hormuz remained subdued, although the Omani shipping corridor stayed operational. Meanwhile, OPEC lowered its 2026 oil demand growth forecast to 800,000 barrels per day.

Brent Rises on US-Iran Strikes

Crude oil climbed more than 3% to around $74 per barrel on Monday after the US launched another wave of strikes against Iran, intensifying concerns over supply disruptions in the Middle East. Iran declared the Strait of Hormuz closed until further notice, while Western naval forces maintained that the key shipping route remained open. President Donald Trump said the US would likely take control of the strait and seek reimbursement for securing it, although he provided no further details. Tehran said talks to reduce tensions were continuing despite the interim peace agreement entering a "crisis phase." Iran also targeted US allies across the region, with Kuwait reporting damage to an offshore drilling platform. Tanker traffic through Hormuz remained subdued, although the Omani shipping corridor stayed operational. Meanwhile, OPEC lowered its 2026 oil demand growth forecast to 800,000 barrels per day.

Oil Jumps on Fresh US-Iran Strikes

The Swiss franc rose above $0.809 while US-Iran tensions increase demand for safe-haven assets. US-Iran tensions remained elevated after Washington revoked the 60-day waiver allowing Iran to sell crude and ended the ceasefire. Conflicting statements over the Strait of Hormuz further heightened uncertainty, with President Donald Trump insisting the waterway remained open to commercial shipping while Tehran claimed it had closed the strait after intercepting two vessels it said were using an unauthorized route. As a result, concerns over supply disruptions and its impact on inflation boosted demand for safe-haven assets and strengthened the Swiss franc while the US dollar remained stable. The Swiss National Bank left its policy rate unchanged at 0% and reiterated its willingness to intervene in foreign exchange markets to curb excessive franc appreciation and imported inflation.

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