The Ibovespa advanced 0.8% on Friday to close at 173,295, rebounding from earlier losses as strength in financial stocks offset weakness in heavyweight commodity names. Bond yields inched lower, tracking a retreat in oil prices back to pre-conflict levels amid easing supply concerns, with an increasing number of tankers transiting the Strait of Hormuz.
The move in markets came even as President Donald Trump accused Iran of breaching the ceasefire by targeting cargo vessels passing through the strait. Earlier, Iran had reiterated its right to control navigation in the waterway and warned Gulf nations against aligning with the US, a day after an attack on a ship near Oman.
Banking shares led the advance: Banco do Brasil gained 1.4%, Bradesco added 1.7%, Itaú rose 1.3%, and Santander climbed 0.6%. In contrast, commodity-related stocks weighed on the index. Vale slipped 0.6% despite firmer iron ore prices, while Petrobras declined 1.0% on the back of weaker global crude. Braskem was the standout laggard, tumbling 8.4% after a downgrade by Citi.
