Brazil: Ibovespa Rises on US-Iran Deal Hopes.

The Ibovespa gained more than 0.5% to trade above 172,000 on Friday amid growing optimism over a US-Iran peace deal. Oil prices fell on reports that the two countries may sign an agreement to reopen the Strait of Hormuz on the sidelines of next week’s G7 summit, easing concerns over energy costs. Banks traded higher, with Bradesco and Banco do Brasil both gaining nearly 1%. Utilities also advanced, with Axia adding almost 1%. Rede D'Or climbed more than 1.5%, extending gains after completing its third share buyback program on Thursday, while Embraer rose over 1% following reports of aircraft purchases by the Greek government. Petrobras, meanwhile, lost more than 2% on lower oil prices. Earlier in the session, hotter-than-expected inflation data weighed on sentiment. Brazil’s annual inflation rate rose to 4.72% in May from 4.39%, exceeding forecasts and reinforcing expectations of a more hawkish stance from the BCB.