On Monday, October 9, shares of Petrobras and other Brazilian oil companies experienced significant gains, attributed to a dramatic surge in oil prices, which rose by nearly 30%. This spike is linked to fears that ongoing conflict in the Middle East might lead to prolonged disruptions in the oil supply. As of 1 PM, Petrobras' ordinary shares climbed by 4.43% and preferred shares by 4.15%, reaching a day's high of 5.37% for the ordinary shares.

In tandem with Petrobras, other oil stocks such as Prio and Brava Energia also made substantial gains, with increases of 5.84% and 1.62%, respectively. The Brazilian stock market responded positively overall, with its main index rising by 0.17%, indicating a broader bullish sentiment in the energy sector. This surge in oil prices marked the largest daily variation since 1988, with crude oil nearing $120 per barrel, reflecting heightened market volatility and investor concern.

Economists, including Rodrigo Marcatti, CEO of Veedha Investimentos, are closely monitoring these developments, as significant fluctuations in oil prices can have ripple effects on the Brazilian economy and global oil markets. The combination of geopolitical tensions and oil supply fears is likely to keep these stocks volatile, impacting investment strategies and market sentiments in the near term.