The Ibovespa edged higher toward 186,000 on Tuesday as Petrobras gained more than 1% alongside an oil rally driven by Middle East supply disruptions. Saudi Arabia shut down a key pipeline bypassing the Strait of Hormuz on Monday. Markets expect Brazil’s Selic easing cycle to continue Wednesday, with the benchmark rate forecast to fall to 13.75% from 14% after recent inflation data stayed within the BCB’s (Brazil’s central bank) tolerance range. The U.S. Federal Reserve is expected to raise rates by 25 basis points. Financial shares were mostly muted, while utilities generally advanced, including a gain of more than 1% for Sabesp. Political uncertainty remained elevated during the ongoing Supreme Court crisis, and new election polls showed a close presidential race between President Lula and Flávio Bolsonaro.