Petrobras’ preferred shares (PETR4) closed up 2.58%, quoted at R$37.65, at the end of trading this Tuesday (2). With today’s rise, the oil company’s shares accumulate gains of 3.7% in 2024.
The oil company’s shares followed the new appreciation in the price of the oil futures contract, driven by buyers’ concerns about the escalation of violence in the Middle East and Ukraine. News that Israel had sought to expand its military operations area raised fears for the energy market.
The day before, a spokesman for the Iranian Foreign Ministry said the government would take action in response to the Israeli attack on Iran’s consulate in Damascus, Syria, which intensified concerns about the possibility of a reduction in the supply of Iranian oil.
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Consultancy Rittersbusch said tensions were escalating as Russia and Ukraine exchanged attacks on each other’s energy facilities.
WTI and Brent rose 1.72% in today’s session. Rumors that Mexico plans to reduce exports of the commodity in the coming months to supply the domestic market also helped.
Finally, news circulated that a major Russian gas processing plant controlled by Gazprom had halted production of petroleum products following a repair shutdown on March 30.
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Meanwhile, Russia’s largest natural gas producer, Novatek, has suspended production at the Arctic LNG 2 plant due to Western sanctions and amid a shortage of gas tanks.
Tags: Petrobras PETR4 closes increase geopolitical tensions drop supply
 closes with an increase of 2.58%, with geopolitical tensions and a drop in supply){kind=link}