FX.co ★ Ibovespa Gains as Petrobras and Vale Rally

The Ibovespa inched up 0.1% on Thursday, closing at 167,927, supported mainly by commodity-linked stocks. Petrobras advanced 2.8%, mirroring a strong rally in oil futures that also lifted PRIO, which gained 0.8%. Crude prices continued to climb as the conflict with Iran showed no signs of nearing resolution after US President Donald Trump announced a fresh package of measures targeting the Iranian economy.

Vale jumped 2.6% even as iron ore futures in China declined. In contrast, steelmakers came under pressure on expectations that a potential agreement between Canada and the United States could result in lower US tariffs on Canadian steel, eroding the competitiveness of Brazilian producers. Gerdau slipped 2.5%.

The banking sector also struggled as rising bond yields, driven by concerns over energy-related inflation, weighed on financials. Banco do Brasil edged down 0.2%, Bradesco fell 1.7%, and Itaú retreated 2.2%.

In corporate highlights, Ultrapar added 1.1% after brokerages raised their price targets for the stock, while Marcopolo surged 6.5% following the announcement of a share buyback program and a dividend distribution.