The Ibovespa closed up 0.3% on Wednesday, at 183,969 points, as strength in commodities offset persistent pressure from Brazil’s elevated interest rates. Petrobras shares advanced sharply, supported by Brent crude trading with high volatility around 90 dollars amid reports of intensifying strikes in the Strait of Hormuz, underscoring the importance of energy exports in the regional conflict. At the same time, the International Energy Agency considered a large-scale release of strategic reserves to ease global supply concerns. Markets also reacted to U.S. inflation data, with the consumer price index rising 0.3% in February, reinforcing the Central Bank of Brazil’s restrictive stance and its decision to keep the Selic rate at 15% to tackle inflation that remains well above the 3% target. Across the interest-rate curve, futures advanced, weighing on rate-sensitive sectors, including banks such as Santander and Bradesco, while Vale added to volatility amid ongoing international uncertainty.