The Ibovespa advanced 0.9% on Monday, closing at 177,816 points, supported by renewed optimism over a potential de-escalation in tensions between the United States and Iran. Market sentiment improved after reports indicated that Tehran could reopen the Strait of Hormuz within 30 days if a deal is reached, and that the ceasefire agreed in early April is likely to be extended by another 60 days to allow further negotiations on Iran’s nuclear program.
Oil prices retreated to below $91 per barrel, easing inflation concerns and pushing bond yields lower, a move that favored financial stocks. Itaú rose 2.3%, while Bradesco added 2.5%. B3 jumped 3.6% after JPMorgan raised its target price for the company’s shares. Among other highlights, WEG gained 1.4% and Ambev advanced 1.9%. In contrast, Petrobras slid 2.4%, pressured by the drop in oil prices.
