The Ibovespa lost near 1% to hover below the 180,000 mark on Wednesday as fading expectations for a US-Iran peace agreement weighed on sentiment. The stalling of negotiations this week reduced prospects for a reopening of the Strait of Hormuz, while concerns over stagflation pressures and higher bond yields continued to pressure banks and the broader market. Most stocks traded lower. In the banking sector, Bradesco and Banco do Brasil shed about 0.5%, while utilities also weakened, with Sabesp and Azzas down more than 0.5%. Petrobras and WEG both lost close to 1%. On the upside, Vale gained nearly 1% amid higher iron ore prices. After the close, Banco do Brasil, CSN (+0.5%) and Eneva (-0.6%) are set to report earnings results.