The Ibovespa edged 0.1% higher to close at 167,927 on Thursday, supported by gains in commodity-related stocks. Petrobras rose 2.8%, tracking a strong increase in oil futures, which also boosted PRIO, up 0.8%. Oil prices continued to rise as the war with Iran appeared increasingly far from a resolution after US President Donald Trump announced a package of measures aimed at hurting Iran’s economy. Vale jumped 2.6%, despite a decline in Chinese iron ore futures. Steelmakers, however, remained under pressure amid expectations of a possible agreement between Canada and the US that could lead to lower US tariffs on Canadian steel, making Brazilian companies less competitive. Gerdau fell 2.5%. Banks struggled as bond yields moved higher on energy-driven inflation concerns. Banco do Brasil fell 0.2%, Bradesco dropped 1.7% and Itau lost 2.2%. Elsewhere, Ultrapar gained 1.1% after brokerages raised their price targets. Marcopolo rose 6.5% following a share buyback and dividend announcement.