Oil exceeds US$ 100 even after US allows purchase of Russian oil

Government eliminates federal taxes on diesel and taxes on oil exports Oil prices continue to rise and have once again surpassed the US$100 per barrel mark, driven by tensions in the Middle East and the risk of interruption in global energy supplies. This Friday (13), a barrel of Brent, an international reference, rose 0.8%, to US$ 100.30, while WTI was traded at US$ 95.98. 🗒️Do you have any reporting suggestions? Send to g1 The surge comes after a recent strong escalation: since the beginning of the conflict in the region, oil has already accumulated an increase of around 40%, going from levels close to US$60 at the beginning of 2026 to levels that had not been seen since mid-2022. Prices even retreated slightly this Friday after the United States temporarily authorized the purchase of Russian oil that was trapped at sea. The American Treasury granted a 30-day license, valid until April 11, so that countries can acquire shipments of Russian oil and derivatives already shipped until Thursday (12). The measure seeks to alleviate shortages in the global energy market. Despite this specific relief, the market remains attentive to the evolution of the war and the risk of interruptions in the flow of oil in the Middle East. Increased tensions in the region — including threats to close the Strait of Hormuz, one of the main routes for global oil trade — have increased price volatility. “The news is hitting the market like water from a fire hose, which is impacting the price of oil and, consequently, the financial markets,” said Mitch Reznick, head of the fixed income group at Federated Hermes, in an interview with Reuters. The rise in oil prices also reignited concerns about global inflation and led investors to review expectations about interest rates in the United States. Now the market projects just 20 basis points of rate cuts by the Federal Reserve this year, down from the 50 basis points expected last month. For analysts, the scenario is still one of strong uncertainty. “With the possibility of rising oil prices still high, investors should be prepared for continued volatility and possible further declines in markets in the near term,” said Vasu Menon, managing director of investment strategy at OCBC in Singapore. 🔎The rise in oil comes amid fears that the prolonged war will affect global energy supplies, putting pressure on fuel costs, inflation and economic activity in several countries. Impact on Brazil The rise in oil prices on the international market has already mobilized the Brazilian government. On Thursday (12), President Luiz Inácio Lula da Silva announced a package of measures to try to prevent the soaring price of the commodity from translating into strong increases in diesel in the country. Among the actions, the government decided to reset the PIS and Cofins rates on diesel, in addition to creating a subsidy (financial incentive) for producers and importers of the fuel. According to government estimates, the measures could reduce the price of diesel by around R$0.64 per liter. To compensate for the loss of revenue, the government also announced a 12% tax on oil exports, a measure aimed at capturing part of the extra gains obtained by producers amid the international rise in the commodity. The government’s concern is that the increase in diesel will put pressure on inflation, as the fuel is essential for transporting cargo in the country and directly impacts the cost of food and other products. In this context, Petrobras reported on Thursday night that its board of directors approved the company’s adherence to the government’s package of measures. According to the company, as it is an optional program that can bring additional benefits, membership is considered compatible with the company’s interests. The state-owned company informed, however, that the effective signing of the adhesion term still depends on the publication and analysis of the rules that will be established by the National Agency for Petroleum, Natural Gas and Biofuels (ANP), especially those related to the definition of the reference price necessary to operationalize the subsidy. Petrobras also highlighted that it maintains its commercial strategy based on market participation, the optimization of refining assets and the search for sustainable profitability, avoiding the immediate transfer of volatility in international oil and exchange rates to internal prices. READ ALSO How is Petrobras? Oil in the company’s cash turbine high, but pressures policy on prices and inflation A drop of gasoline falls from the nozzle of a fuel pump at a gas station in Vélizy-Villacoublay, near Paris. Alain Jocard/AFP *With information from Reuters news agency.

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