Brazil's Ibovespa closed flat at 188,052 on Thursday, recovering from its earlier slump to track some respite for global equities after Iran said it was considering a toll for selected tankers out of the Persian Gulf. The developments eased recent concerns that the halt of energy exports from the key region would trigger stagflationary crises across major economies. Still, Petrobras shares gained nearly 2% as benchmark crude oil prices rose to their highest in nearly 20 years for immediate deliveries. Utilities extended their positive momentum and also closed higher, with Sabesp adding nearly 1%. In turn, rate futures reflected risks for a higher benchmark rate from the central bank due to inflationary risks pressuring banks. Itau, Bradesco, and Banco do Brasil closed in the red.