IBOV 177,284 ▼ 0.61% IPSA 10,421 ▼ 0.58% IPC MEX 67,977 ▼ 1.78% MERVAL 2,707,869 ▼ 1.44% COLCAP 2,118 ▼ 0.22% BVL PERÚ 19,767 ▲ 0.37% USD/BRL 5.06 ▲ 0.14% USD/MXN 17.32 ▼ 0.04% USD/CLP 908.88 ▲ 1.38% USD/COP 3,797 ▼ 0.00% USD/PEN 3.43 ▼ 0.16% USD/ARS 1,395 ▼ 0.04% USD/UYU 40.07 — 0.00% USD/PYG 6,066 — 0.00% USD/BOB 6.86 — 0.00% USD/DOP 59.43 ▼ 0.08% USD/CRC 451.24 — 0.00% USD/GTQ 7.62 — 0.00% USD/HNL 26.61 — 0.00% USD/NIO 36.62 — 0.00% USD/VES 516.67 ▼ 0.13% USD/PAB 1.00 ▲ 2.16% USD/BZD 2.00 ▲ 1.59% USD/JMD 157.29 ▲ 0.44% USD/TTD 6.74 ▲ 1.22% EUR/BRL 5.89 ▼ 0.01% BRENT 110.99 ▲ 1.58% WTI 102.88 ▼ 2.41% IRON ORE 161.91 — — COPPER 6.27 ▲ 0.22% GOLD 4,547 ▼ 0.19% SILVER 76.11 ▼ 1.36% SOY 1,198 ▲ 1.81% CORN 466.25 ▲ 2.30% WHEAT 652.50 ▲ 2.63% COFFEE 258.75 ▼ 12.12% SUGAR 14.78 ▼ 1.40% ORANGE JUICE 170.05 ▼ 6.21% COTTON 80.33 ▼ 4.30% COCOA 4,109 ▼ 1.91% BEEF 247.93 ▼ 1.65% CATTLE 361.45 ▼ 1.67% LITHIUM 84.08 ▼ 3.30% PETR4 45.47 ▲ 1.04% VALE3 83.50 ▲ 0.76% ITUB4 39.70 ▼ 1.73% BBDC4 17.69 ▼ 0.84% ABEV3 15.69 ▼ 0.51% BBAS3 20.70 ▼ 0.29% B3SA3 16.70 ▼ 1.36% WEGE3 43.13 ▼ 1.35% PRIO3 68.80 ▲ 2.24% SUZB3 41.70 ▼ 2.16% RENT3 42.98 ▼ 2.18% AZZA3 19.05 ▲ 1.06% CSAN3 4.41 ▼ 5.16% RAIZ4 0.45 ▲ 2.27% PCAR3 2.26 ▼ 1.74% GMAT3 4.34 ▲ 1.17% PSSA3 47.92 ▼ 1.60% CVCB3 1.81 ▼ 4.23% POSI3 3.88 ▼ 2.27% SLCE3 17.19 ▼ 0.87% NATU3 9.94 ▲ 1.53% BRKM5 12.21 ▲ 0.49% RANI3 7.85 ▼ 0.25% CSNA3 6.42 ▼ 3.75% CMIN3 4.72 ▼ 1.05% USIM5 9.12 ▼ 7.79% GGBR4 23.34 ▼ 1.02% ENEV3 25.06 ▼ 3.43% NEOE3 33.80 — 0.00% CPFE3 44.52 ▼ 1.53% CMIG4 11.27 ▼ 0.09% EQTL3 38.59 ▼ 0.54% LREN3 13.55 ▼ 1.24% VIVT3 35.52 ▼ 0.20% RAIL3 14.97 ▼ 1.96% KLABIN 16.43 ▼ 2.55% RAIA DROGASIL 19.59 ▼ 0.25% RDOR3 34.84 ▲ 0.26% HAPV3 12.45 ▼ 6.11% FLRY3 15.60 ▼ 2.26% SMTO3 18.25 ▼ 0.82% UGPA3 29.13 ▼ 1.42% VBBR3 33.12 ▼ 0.81% BBSE3 34.12 ▼ 1.04% BPAC11 54.50 ▼ 1.61% CURY3 30.37 ▼ 0.75% AERI3 2.42 ▼ 0.41% VIVARA 22.94 ▼ 0.26% COMPASS 25.90 ▼ 1.89% VAMOS 3.41 ▼ 2.29% SANB11 26.92 ▼ 0.81% ASAI3 8.50 ▼ 1.05% SBSP3 29.03 ▼ 1.66% WALMEX 54.82 ▲ 0.53% GMEXICO 202.10 ▼ 4.45% FEMSA 210.39 ▼ 0.01% CEMEX 21.82 ▼ 3.71% GFNORTE 184.04 ▼ 0.98% BIMBO 59.19 ▲ 0.27% TELEVISA 9.94 ▲ 1.43% AMX 23.13 ▼ 1.11% GAP 413.32 ▼ 1.41% ASUR 296.14 ▼ 1.66% OMA 222.96 ▼ 0.70% KOF 180.84 ▼ 0.13% GRUMA 298.23 ▲ 0.12% KIMBER 38.28 ▼ 0.55% SQM-B 76,590 ▼ 2.06% COPEC 6,145 ▼ 0.08% BSANTANDER 68.99 ▼ 0.16% FALABELLA 5,500 ▲ 1.08% ENELAM 75.75 ▼ 0.89% CENCOSUD 2,060 ▼ 3.06% CMPC 1,055 ▼ 0.94% BANCO CHILE 163.70 ▲ 0.13% LATAM AIR 21.54 ▼ 2.53% YPF 65,000 ▼ 0.46% GGAL 6,060 ▼ 2.02% PAMPA 4,720 ▼ 0.26% TXAR 615.00 ▲ 0.49% ALUAR 940.50 ▼ 0.42% TGS 8,750 ▼ 0.62% CEPU 2,049 ▼ 3.17% MIRGOR 17,225 ▼ 3.23% COME 42.52 ▼ 1.51% LOMA NEGRA 3,105 ▼ 1.82% BYMA 272.25 ▼ 2.77% TELECOM ARG 3,505 ▼ 4.24% ECOPETROL 13.11 ▼ 0.87% BANCOLOMBIA 63.16 ▼ 1.83% GRUPO AVAL 4.01 ▼ 5.20% CREDICORP 316.31 ▼ 3.47% SOUTHERN COPPER 176.78 ▼ 6.22% BUENAVENTURA 34.29 ▼ 7.70% MERCADOLIBRE 1,547 ▼ 3.77% NUBANK 12.19 ▼ 5.72% XP 17.47 ▼ 0.74% PAGSEGURO 8.86 ▼ 1.66% STONE 9.61 ▼ 0.93% GLOBANT 38.87 ▲ 14.06% TECNOGLASS 38.61 ▼ 5.90% GAP AIRPORT 238.45 ▼ 2.15% ASUR 296.14 ▼ 1.66% OMA AIRPORT 102.84 ▼ 1.57% AMX ADR 26.59 ▼ 1.85% FEMSA ADR 121.38 ▼ 0.70% CEMEX ADR 12.56 ▼ 4.60% PETROBRAS ADR 19.93 ▲ 0.76% VALE ADR 16.32 ▼ 1.57% ITAU ADR 7.84 ▼ 3.21% SANTANDER BR 5.34 ▼ 2.11% AMBEV ADR 3.07 — 0.00% CSN 1.26 ▼ 6.67% GERDAU 4.61 ▼ 2.12% LATAM ADR 46.91 ▼ 4.79% BTC 76,777 ▼ 0.84% ETH 2,113 ▼ 0.69% SOL 84.54 ▼ 0.74% XRP 1.38 ▼ 1.34% BNB 639.36 ▼ 1.45% ADA 0.25 ▼ 1.26% DOGE 0.10 ▼ 4.53% AVAX 9.10 ▼ 0.87% LINK 9.44 ▼ 1.22% DOT 1.22 ▼ 2.37% LTC 53.62 ▼ 1.73% BCH 368.71 ▼ 8.85% TRX 0.36 — 0.00% XLM 0.15 ▼ 0.95% HBAR 0.09 ▼ 1.38% NEAR 1.49 ▼ 1.14% ATOM 2.05 ▲ 1.14% AAVE 88.14 ▼ 1.09% SELIC 14.50% EMBRAER 71.25 ▼ 1.76% EMBRAER ADR 55.76 ▼ 5.04% JBS 13.48 ▼ 3.58% JBS BDR 68.50 ▼ 1.72% MBRF3 17.42 — 0.00% MBRFY 3.43 ▼ 2.83% INTER 5.85 ▼ 3.47% EGX 52,104 ▼ 0.50% USD/ZAR 16.66 ▼ 0.12% USD/NGN 1,367 — 0.00% NIKKEI 60,816 ▼ 0.97% CSI300 4,834 ▼ 0.54% HSI 25,627 ▼ 1.29% NIFTY 23,618 ▼ 0.11% KOSPI 7,516 ▲ 0.31% JCI 6,511 ▼ 3.15% USD/JPY 158.91 ▲ 0.12% USD/CNY 6.8019 ▼ 0.11% DAX 23,860 ▼ 0.38% CAC 7,869 ▼ 1.04% FTSE 10,186 ▼ 0.10% MIB 48,138 ▼ 1.99% IBEX 17,517 ▼ 0.60% STOXX 603.19 ▼ 0.61% EUR/USD 1.1635 ▲ 0.03% GBP/USD 1.3354 ▲ 0.23% SPX 7,409 ▼ 1.24% DJI 49,526 ▼ 1.07% NDX 29,125 ▼ 1.54% RUT 2,793 ▼ 2.44% TSX 33,833 ▼ 1.27% VIX 19.20 ▲ 4.18% USD/CAD 1.3746 ▼ 0.02% US10Y 4.5950 ▲ 3.00% IBOV 177,284 ▼ 0.61% IPSA 10,421 ▼ 0.58% IPC MEX 67,977 ▼ 1.78% MERVAL 2,707,869 ▼ 1.44% COLCAP 2,118 ▼ 0.22% BVL PERÚ 19,767 ▲ 0.37% USD/BRL 5.06 ▲ 0.14% USD/MXN 17.32 ▼ 0.04% USD/CLP 908.88 ▲ 1.38% USD/COP 3,797 ▼ 0.00% USD/PEN 3.43 ▼ 0.16% USD/ARS 1,395 ▼ 0.04% USD/UYU 40.07 — 0.00% USD/PYG 6,066 — 0.00% USD/BOB 6.86 — 0.00% USD/DOP 59.43 ▼ 0.08% USD/CRC 451.24 — 0.00% USD/GTQ 7.62 — 0.00% USD/HNL 26.61 — 0.00% USD/NIO 36.62 — 0.00% USD/VES 516.67 ▼ 0.13% USD/PAB 1.00 ▲ 2.16% USD/BZD 2.00 ▲ 1.59% USD/JMD 157.29 ▲ 0.44% USD/TTD 6.74 ▲ 1.22% EUR/BRL 5.89 ▼ 0.01% BRENT 110.99 ▲ 1.58% WTI 102.88 ▼ 2.41% IRON ORE 161.91 — — COPPER 6.27 ▲ 0.22% GOLD 4,547 ▼ 0.19% SILVER 76.11 ▼ 1.36% SOY 1,198 ▲ 1.81% CORN 466.25 ▲ 2.30% WHEAT 652.50 ▲ 2.63% COFFEE 258.75 ▼ 12.12% SUGAR 14.78 ▼ 1.40% ORANGE JUICE 170.05 ▼ 6.21% COTTON 80.33 ▼ 4.30% COCOA 4,109 ▼ 1.91% BEEF 247.93 ▼ 1.65% CATTLE 361.45 ▼ 1.67% LITHIUM 84.08 ▼ 3.30% PETR4 45.47 ▲ 1.04% VALE3 83.50 ▲ 0.76% ITUB4 39.70 ▼ 1.73% BBDC4 17.69 ▼ 0.84% ABEV3 15.69 ▼ 0.51% BBAS3 20.70 ▼ 0.29% B3SA3 16.70 ▼ 1.36% WEGE3 43.13 ▼ 1.35% PRIO3 68.80 ▲ 2.24% SUZB3 41.70 ▼ 2.16% RENT3 42.98 ▼ 2.18% AZZA3 19.05 ▲ 1.06% CSAN3 4.41 ▼ 5.16% RAIZ4 0.45 ▲ 2.27% PCAR3 2.26 ▼ 1.74% GMAT3 4.34 ▲ 1.17% PSSA3 47.92 ▼ 1.60% CVCB3 1.81 ▼ 4.23% POSI3 3.88 ▼ 2.27% SLCE3 17.19 ▼ 0.87% NATU3 9.94 ▲ 1.53% BRKM5 12.21 ▲ 0.49% RANI3 7.85 ▼ 0.25% CSNA3 6.42 ▼ 3.75% CMIN3 4.72 ▼ 1.05% USIM5 9.12 ▼ 7.79% GGBR4 23.34 ▼ 1.02% ENEV3 25.06 ▼ 3.43% NEOE3 33.80 — 0.00% CPFE3 44.52 ▼ 1.53% CMIG4 11.27 ▼ 0.09% EQTL3 38.59 ▼ 0.54% LREN3 13.55 ▼ 1.24% VIVT3 35.52 ▼ 0.20% RAIL3 14.97 ▼ 1.96% KLABIN 16.43 ▼ 2.55% RAIA DROGASIL 19.59 ▼ 0.25% RDOR3 34.84 ▲ 0.26% HAPV3 12.45 ▼ 6.11% FLRY3 15.60 ▼ 2.26% SMTO3 18.25 ▼ 0.82% UGPA3 29.13 ▼ 1.42% VBBR3 33.12 ▼ 0.81% BBSE3 34.12 ▼ 1.04% BPAC11 54.50 ▼ 1.61% CURY3 30.37 ▼ 0.75% AERI3 2.42 ▼ 0.41% VIVARA 22.94 ▼ 0.26% COMPASS 25.90 ▼ 1.89% VAMOS 3.41 ▼ 2.29% SANB11 26.92 ▼ 0.81% ASAI3 8.50 ▼ 1.05% SBSP3 29.03 ▼ 1.66% WALMEX 54.82 ▲ 0.53% GMEXICO 202.10 ▼ 4.45% FEMSA 210.39 ▼ 0.01% CEMEX 21.82 ▼ 3.71% GFNORTE 184.04 ▼ 0.98% BIMBO 59.19 ▲ 0.27% TELEVISA 9.94 ▲ 1.43% AMX 23.13 ▼ 1.11% GAP 413.32 ▼ 1.41% ASUR 296.14 ▼ 1.66% OMA 222.96 ▼ 0.70% KOF 180.84 ▼ 0.13% GRUMA 298.23 ▲ 0.12% KIMBER 38.28 ▼ 0.55% SQM-B 76,590 ▼ 2.06% COPEC 6,145 ▼ 0.08% BSANTANDER 68.99 ▼ 0.16% FALABELLA 5,500 ▲ 1.08% ENELAM 75.75 ▼ 0.89% CENCOSUD 2,060 ▼ 3.06% CMPC 1,055 ▼ 0.94% BANCO CHILE 163.70 ▲ 0.13% LATAM AIR 21.54 ▼ 2.53% YPF 65,000 ▼ 0.46% GGAL 6,060 ▼ 2.02% PAMPA 4,720 ▼ 0.26% TXAR 615.00 ▲ 0.49% ALUAR 940.50 ▼ 0.42% TGS 8,750 ▼ 0.62% CEPU 2,049 ▼ 3.17% MIRGOR 17,225 ▼ 3.23% COME 42.52 ▼ 1.51% LOMA NEGRA 3,105 ▼ 1.82% BYMA 272.25 ▼ 2.77% TELECOM ARG 3,505 ▼ 4.24% ECOPETROL 13.11 ▼ 0.87% BANCOLOMBIA 63.16 ▼ 1.83% GRUPO AVAL 4.01 ▼ 5.20% CREDICORP 316.31 ▼ 3.47% SOUTHERN COPPER 176.78 ▼ 6.22% BUENAVENTURA 34.29 ▼ 7.70% MERCADOLIBRE 1,547 ▼ 3.77% NUBANK 12.19 ▼ 5.72% XP 17.47 ▼ 0.74% PAGSEGURO 8.86 ▼ 1.66% STONE 9.61 ▼ 0.93% GLOBANT 38.87 ▲ 14.06% TECNOGLASS 38.61 ▼ 5.90% GAP AIRPORT 238.45 ▼ 2.15% ASUR 296.14 ▼ 1.66% OMA AIRPORT 102.84 ▼ 1.57% AMX ADR 26.59 ▼ 1.85% FEMSA ADR 121.38 ▼ 0.70% CEMEX ADR 12.56 ▼ 4.60% PETROBRAS ADR 19.93 ▲ 0.76% VALE ADR 16.32 ▼ 1.57% ITAU ADR 7.84 ▼ 3.21% SANTANDER BR 5.34 ▼ 2.11% AMBEV ADR 3.07 — 0.00% CSN 1.26 ▼ 6.67% GERDAU 4.61 ▼ 2.12% LATAM ADR 46.91 ▼ 4.79% BTC 76,777 ▼ 0.84% ETH 2,113 ▼ 0.69% SOL 84.54 ▼ 0.74% XRP 1.38 ▼ 1.34% BNB 639.36 ▼ 1.45% ADA 0.25 ▼ 1.26% DOGE 0.10 ▼ 4.53% AVAX 9.10 ▼ 0.87% LINK 9.44 ▼ 1.22% DOT 1.22 ▼ 2.37% LTC 53.62 ▼ 1.73% BCH 368.71 ▼ 8.85% TRX 0.36 — 0.00% XLM 0.15 ▼ 0.95% HBAR 0.09 ▼ 1.38% NEAR 1.49 ▼ 1.14% ATOM 2.05 ▲ 1.14% AAVE 88.14 ▼ 1.09% SELIC 14.50% EMBRAER 71.25 ▼ 1.76% EMBRAER ADR 55.76 ▼ 5.04% JBS 13.48 ▼ 3.58% JBS BDR 68.50 ▼ 1.72% MBRF3 17.42 — 0.00% MBRFY 3.43 ▼ 2.83% INTER 5.85 ▼ 3.47% EGX 52,104 ▼ 0.50% USD/ZAR 16.66 ▼ 0.12% USD/NGN 1,367 — 0.00% NIKKEI 60,816 ▼ 0.97% CSI300 4,834 ▼ 0.54% HSI 25,627 ▼ 1.29% NIFTY 23,618 ▼ 0.11% KOSPI 7,516 ▲ 0.31% JCI 6,511 ▼ 3.15% USD/JPY 158.91 ▲ 0.12% USD/CNY 6.8019 ▼ 0.11% DAX 23,860 ▼ 0.38% CAC 7,869 ▼ 1.04% FTSE 10,186 ▼ 0.10% MIB 48,138 ▼ 1.99% IBEX 17,517 ▼ 0.60% STOXX 603.19 ▼ 0.61% EUR/USD 1.1635 ▲ 0.03% GBP/USD 1.3354 ▲ 0.23% SPX 7,409 ▼ 1.24% DJI 49,526 ▼ 1.07% NDX 29,125 ▼ 1.54% RUT 2,793 ▼ 2.44% TSX 33,833 ▼ 1.27% VIX 19.20 ▲ 4.18% USD/CAD 1.3746 ▼ 0.02% US10Y 4.5950 ▲ 3.00%
since 2009
Monday, May 18, 2026

Brazil Foreign Policy on Iran Splits 2026 Election

By · March 12, 2026 · 3 min read
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Key Points

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Brazil’s Itamaraty condemned the late-February U.S. and Israeli strikes on Iran as violations of sovereignty and international law, positioning Brasília at odds with Washington weeks before a planned Lula-Trump meeting in March.

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Senator Flávio Bolsonaro, the leading right-wing presidential candidate for October’s election, called the government’s stance “unacceptable” and accused Lula of aligning Brazil with authoritarian regimes — turning the Middle East crisis into a central campaign battleground.

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Social media analysis shows 82% of mentions linking Lula to the Iran conflict were negative, while analysts warn that Brazil’s diplomatic positioning risks commercial opportunities and its tradition of strategic neutrality.

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A Diplomatic Fault Line Opens

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When the United States and Israel launched coordinated strikes against Iranian targets on February 28, the diplomatic aftershock reached Brasília within hours. The Itamaraty issued a statement condemning the attacks, calling them violations of Iranian sovereignty that occurred during ongoing negotiations — the only viable path to peace, according to the ministry. A second communiqué followed, criticizing any retaliatory measures and invoking Article 51 of the UN Charter on proportionality. Brazil foreign policy on the Middle East, already strained by Lula’s comparison of Israeli operations in Gaza to the Holocaust, has now become the defining fault line of the 2026 presidential race. This is part of The Rio Times’ comprehensive coverage of Latin American financial markets and economic developments.

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Brazil Foreign Policy Becomes an Election Issue

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Senator Flávio Bolsonaro, the right-wing opposition’s leading presidential contender, responded within hours. He called the government’s position a clear alignment with the morally wrong side, accusing Lula of supporting a regime that represses women, executes dissidents, and finances regional destabilization. He circulated a 2024 photograph showing Vice President Geraldo Alckmin seated near Hamas leader Ismail Haniyeh at the Iranian presidential inauguration. The image went viral, generating over 75,000 social media mentions about the Iran crisis in Portuguese within a single week, reaching 2.5 billion impressions according to data analytics firm Datrix.

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Brazil Foreign Policy on Iran Splits 2026 Election. (Photo Internet reproduction)

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The sentiment data is stark. Of social media posts linking Lula to the Iran conflict, 82% carried negative sentiment — driven largely by Bolsonaro supporters associating the president with what they termed an “axis of terror.” Posts mentioning Flávio Bolsonaro in the same context skewed positive, reflecting his campaign’s strategy of positioning himself as the pro-Western, pro-democracy alternative. Political scientist Elton Gomes of the Federal University of Piauí noted that Flávio has successfully transformed international affairs into a campaign asset, drawing clear programmatic distinctions between the two camps.

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The Roots of Lula’s Iran Stance

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Brazil’s positioning did not emerge in a vacuum. The relationship between Lula’s Workers’ Party and Tehran dates to 2005, when Celso Amorim — Lula’s longtime foreign affairs adviser and former chancellor — began cultivating ties that included the 2010 Tehran Declaration, a Brazil-Turkey-Iran nuclear fuel swap agreement that Washington ultimately rejected. Leaked WikiLeaks cables showed U.S. diplomats flagging Amorim’s efforts to block Iran’s inclusion in UN Security Council resolutions on nuclear proliferation. Following the February strikes, Lula consulted Amorim directly, with the two reviewing the 2010 episode and assessing whether Brazil could reprise a mediating role.

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Caught Between BRICS and the White House

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The complicating factor is that Iran is now a BRICS member, placing Brazil in a position where it cannot openly oppose a fellow bloc partner without undermining the South-South solidarity narrative central to Lula’s international identity. Simultaneously, Lula is scheduled to visit Washington in the second half of March to meet Donald Trump, with negotiations over U.S. tariffs on Brazilian goods — some reaching 50% — topping the agenda. FGV researcher Leonardo Paz Neves assessed that Brazil’s response was fundamentally protocol-driven and predicted limited deeper engagement, given the geographic and strategic distance from the conflict.

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Critics from both the left and right, however, argue the stakes are higher than protocol. Alexandre Ostrowiecki, a Middle East policy specialist, accused the government of a moral incoherence that claims to defend human rights while remaining silent on Iran’s domestic repression. USP political scientist Feliciano de Sá Guimarães argued that Brazil must find an intermediate position — neither openly anti-Iran nor anti-American — or risk its diplomatic credibility with both sides. What is clear is that Brazil foreign policy in the Middle East will be debated at ballot boxes in October, not just in the corridors of the Itamaraty.

For the full picture, see our Brazil Elections 2026: Complete Guide.

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