The Ibovespa shed 0.4% to close at 176,011 on Wednesday following the release of a new election poll and amid escalating tensions in the Middle East. A Genial/Quaest survey showed President Lula leading Flavio Bolsonaro by eight percentage points in a hypothetical second-round runoff. Meanwhile, oil prices rose as the worsening US-Iran conflict continued to fuel concerns over global supply disruptions, reviving inflation worries. Most financial stocks traded lower, with Itau down 1.1%. Axia lost 4.2% after Goldman Sachs lowered its forecast for the company's adjusted EBITDA, citing the recent decline in energy prices, which is expected to weigh on second-quarter results. Meanwhile, Ambev shed 1.5% despite receiving a "buy" recommendation from BB Investimentos. In contrast, Vale gained 0.7% as iron ore prices edged higher.