The Brazil 10-year government bond yield dropped to 13.5, reaching its lowest level in 11 weeks. This move is directly triggered by the reopening of the Strait of Hormuz, which has acted as today's massive market driver. This geopolitical breakthrough caused the U.S. dollar to retreat to 97 and oil prices to collapse by 12.% to 83. As the "war premium" evaporates, investor demand for Brazilian debt has surged, pushing bond prices up and forcing the yield into a sharp decline. With lower energy costs reducing inflation fears, the yield is now heading back toward the year-to-date lows seen in early February.