Brazil Markets Rise as Court Halts Oil Export Tax

Brazil Markets Rise as Court Halts Oil Export Tax — August 28, 2026. (Photo internet reproduction)

01 The session in one read

The Ibovespa, Brazil’s main stock index, closed at 175,135 points on Thursday, up 0.31%. It traded between 173,661 and 175,558 points during the session.

Petrobras did the heavy lifting. Its preferred shares, the most traded on the B3 exchange, rose 3.02%, and its common shares gained 3.0%.

The spark was a court order. Judge Diego Câmara of the 17th Federal Court in Brasília told the government to stop collecting the 12% export tax on crude oil while the case is heard.

The currency told a quieter story. The dollar ended at R$5.162, up 0.2% on the day, while the central bank’s PTAX reference rate came in at 5.1642 per dollar.

02 The day’s numbers

The board shows a market climbing a wall of worry. Seven gains in a row have rebuilt most of what was lost in early August, though the index is still down 1.61% for the month.

Turnover of R$23.1 billion (about US$4.5 billion) shows this was a normal, busy session rather than a thin summer drift.
Live Market IntelligenceBrazil — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

What Petroleo Brasileiro Petrobras does. Petróleo Brasileiro S.A. – Petrobras explores, produces, and sells oil and gas in Brazil, China, the United States, the Americas, Asia, Europe, Singapore, and internationally. It operates through three segments: Exploration and Production; Refining, Transportation & Marketing; and Gas & Low Carbon Energies. The Exploration and Production segment explores, develops, and produces…

03 Why it moved — a court win for oil exporters

Two headline events collided on Thursday. First, Camex approved keeping the 12% crude-export tax in place until November. Hours later, a federal judge suspended its collection.

Investors bet the court has the final word for now. Petrobras, Brazil’s dominant crude exporter, is the clearest winner, and its shares carry the heaviest weight in the index.

The company had more good news of its own. It launched two new production vessels for Búzios, its largest oil field, announced the early buyback of about US$1 billion in bonds due 2028, and expanded a credit line for petrochemical maker Braskem to R$2.35 billion (about US$455 million).

Foreign money is also drifting back. Official exchange data show a third straight day of net foreign buying, with R$1.37 billion coming in on Tuesday alone, though August still shows a net outflow of R$20 billion.

04 The day’s movers

Inside the index, the winners were a mixed bag: a software firm, a steelmaker, a fashion chain and a state bank. The heavy banks leaned the other way, with Itaú, Bradesco, Santander Brasil and BTG Pactual all lower.

The wildest moves happened outside the index. Braskem, dropped from the Ibovespa after filing for out-of-court debt restructuring, rocketed 19.9%, while cancer-care group Oncoclínicas plunged 28.1% after a securities-regulator decision kept a mandatory buyout offer on the table.

05 The regional scoreboard

Latin America split on Thursday. Chile’s IPSA led with a 0.9% rise, bouncing back after two down sessions.

Argentina’s Merval fell 0.79%, the region’s weakest showing, while Mexico’s IPC lost 0.55% and slipped back below the 66,000-point mark.

06 The technical picture

Seven straight gains have repaired the chart. Analysts at Itaú BBA say the index has broken out of its August downtrend, and they see the next ceiling at 180,700 points.

On the downside, they mark first support at 164,800 points. The index remains 1.61% lower in August, so the month is not yet saved.

For now, the pattern is a steady climb in small steps. A close above 180,700 would confirm the recovery has legs.

07 What to watch

• The appeal: the government can challenge the injunction, and its Camex extension keeps the 12% oil-export tax alive until November on paper.
• The Fed’s Jackson Hole speech: Federal Reserve chief Kevin Warsh speaks on Friday, and his words could move the dollar and emerging-market currencies.
• Foreign flows: three straight days of net foreign buying are encouraging, but August still shows R$20 billion heading out.
• Petrobras follow-through: whether the oil giant holds its 3% gain will say a lot about how durable the tax reprieve looks to big investors.

Background: Ibovespa Slides for a 9th Straight Session as Citi Drops Brazil’s Real on a Likely Lula Win.

Ibovespa — More: Brazil news in English, every day from The Rio Times.

Frequently Asked Questions

What is the Ibovespa?

It is the main stock-market index of Brazil’s B3 exchange in São Paulo, tracking the largest and most-traded companies in the country.

Why did Petrobras shares rise 3% on August 27?

A federal judge suspended collection of a 12% tax on crude-oil exports, and the company also launched two new oil-platform vessels and announced an early buyback of about US$1 billion in bonds.

What is the real worth right now?

It is Brazil’s currency, official code BRL. On Thursday the dollar closed at R$5.162, with the central bank’s PTAX reference rate at 5.1642 per dollar.

Ibovespa — Market data: RT; exchange figures from B3; session reporting by Reuters; PTAX from Brazil’s Central Bank

Daily series

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