The Ibovespa, Brazil’s benchmark stock index, rose 1.2% to close at 187,367 points on Tuesday after Monday’s holiday, with gains spread across sectors. Petrobras climbed 2.1% as oil prices surged following attacks on energy infrastructure in Saudi Arabia amid renewed hostilities in the Middle East. Banks also advanced, with Bradesco up 1.8% and Itaú gaining 1.2%, after the Focus survey continued to project lower inflation and increased the prospect of further interest-rate cuts. Vale, utilities and other major stocks also rose in the broader rally, according to the existing market account. Sabesp gained 1.1% after brokerages raised their price targets following a meeting with the company’s management. In politics, a BTG/Nexus poll showed a technical tie between Flávio Bolsonaro and President Lula in a potential presidential runoff, although Flávio held a numerical lead of one percentage point. A Quaest poll released Monday also showed the two tied at 41% in a second-round scenario. Markets view Flávio Bolsonaro as more fiscally restrictive amid elevated yields and weak business activity.