Ibovespa Drops 1.2% as US-Iran Escalation Sparks Oil Spike

Brazil’s benchmark Ibovespa index dropped 1.20% to close at 175,739.08 points on July 13, 2026, as escalating military exchanges between the United States and Iran over the weekend triggered a massive risk-off wave. The conflict, centered around the strategic shipping lanes of the Strait of Hormuz, sent Brent crude oil prices surging 9.59% to $83.30 per barrel. While the geopolitical shock fueled a sharp rotation into heavy-weight commodity exporters, it severely hammered domestic, interest-rate-sensitive sectors on the B3 exchange.

The dramatic spike in global energy prices immediately reignited fears of import-driven inflation, driving up local future interest rates and weakening the Brazilian real. The USD/BRL currency pair climbed 0.53% to end the session at 5.14. With expectations mounting that the Central Bank of Brazil may need to keep its benchmark Selic rate higher for longer to combat energy-driven inflation, capital quickly fled domestic sectors like real estate, utilities, and retail. Homebuilder MRV (MRVE3) was among the hardest hit, plunging 5.39% to hit a 52-week low of R$ 4.74.

Conversely, the oil price surge provided a strong cushion for local energy majors, preventing a steeper decline for the broader index. State-run oil giant Petrobras (PETR4) advanced 2.55% to close at R$ 40.66, while independent producer Prio (PRIO3) gained 3.16%. However, other major index heavyweights failed to find support; mining giant Vale (VALE3) fell 1.79% to R$ 72.85 amid sliding international iron ore prices, and financial giant Itaú Unibanco (ITUB4) retreated 1.76% to R$ 43.52 as high-rate anxieties weighed on the banking sector.