IBOV 174,333 ▲ 0.89% IPSA 10,793 ▼ 0.18% IPC MEX 66,950 ▼ 0.18% MERVAL 3,193,409 ▲ 1.15% COLCAP 2,281.84 ▲ 0.96% BVL PERÚ 55,809.71 ▲ 0.43% USD/BRL5.17▼ 0.66% USD/MXN17.47▲ 0.02% USD/CLP919.68▼ 0.71% USD/COP3,332▼ 1.62% USD/PEN3.40▼ 0.09% USD/ARS1,488▼ 0.07% USD/UYU40.21▲ 1.33% USD/PYG6,052▲ 1.45% USD/BOB6.86▲ 1.45% USD/DOP58.77▼ 0.73% USD/CRC450.98▲ 1.80% USD/GTQ7.62▲ 2.23% USD/HNL26.71▲ 4.29% USD/NIO36.62▲ 0.31% USD/VES651.34▲ 11.02% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.29▲ 1.00% USD/TTD6.66▼ 0.04% EUR/BRL5.91▼ 0.38% BRENT 72.13 ▲ 0.46% WTI 68.78 ▲ 0.13% IRON ORE 161.91 — — COPPER 6.22 ▲ 1.79% GOLD 4,187 ▲ 1.81% SILVER 62.82 ▲ 3.58% SOY 1,147 ▲ 1.82% CORN 440.75 ▲ 4.69% WHEAT 600.25 ▲ 1.39% COFFEE 287.45 ▼ 11.36% SUGAR 14.81 ▼ 1.20% ORANGE JUICE 170.70 ▼ 2.40% COTTON 77.52 ▲ 5.79% COCOA 5,123 ▲ 2.34% BEEF 239.03 ▼ 1.16% CATTLE 360.80 ▼ 0.92% LITHIUM 76.53 ▼ 1.85% PETR4 38.19 ▲ 0.61% VALE3 78.90 ▲ 0.84% ITUB4 42.82 ▲ 0.82% BBDC4 18.34 ▲ 2.96% ABEV3 16.28 ▼ 0.12% BBAS3 20.11 ▲ 0.55% B3SA3 14.85 ▲ 1.64% WEGE3 46.66 ▲ 0.86% PRIO3 52.75 ▲ 0.34% SUZB3 40.86 ▲ 0.20% RENT3 41.62 ▲ 0.90% AZZA3 17.31 ▼ 0.17% CSAN3 3.79 ▲ 1.88% RAIZ4 0.39 ▲ 2.63% PCAR3 2.58 ▲ 7.95% GMAT3 3.72 ▲ 3.05% PSSA3 54.08 ▲ 1.16% CVCB3 1.29 ▼ 1.53% POSI3 3.87 ▼ 1.53% SLCE3 12.84 ▲ 1.74% NATU3 8.37 ▲ 1.82% BRKM5 6.28 ▼ 0.16% RANI3 7.97 ▼ 0.38% CSNA3 4.82 ▲ 4.33% CMIN3 4.30 ▲ 1.18% USIM5 8.76 ▲ 2.34% GGBR4 21.43 ▲ 1.32% ENEV3 26.62 ▲ 1.53% NEOE3 33.80 — 0.00% CPFE3 45.74 ▲ 1.42% CMIG4 11.04 ▲ 0.64% EQTL3 39.55 ▲ 0.64% LREN3 14.89 ▲ 0.61% VIVT3 34.81 ▲ 0.58% RAIL3 13.59 ▲ 1.04% KLABIN 17.15 ▲ 0.94% RAIA DROGASIL 17.12 ▲ 1.42% RDOR3 35.89 ▲ 1.01% HAPV3 10.62 ▲ 2.02% FLRY3 15.80 ▲ 0.13% SMTO3 15.62 ▲ 0.06% UGPA3 27.73 ▲ 4.25% VBBR3 30.34 ▲ 1.71% BBSE3 38.69 ▲ 0.05% BPAC11 55.88 ▲ 2.46% CURY3 35.07 ▲ 1.01% AERI3 2.02 ▲ 0.50% VIVARA 22.89 ▲ 0.62% COMPASS 24.98 ▲ 1.34% VAMOS 2.89 ▲ 3.21% SANB11 26.97 ▲ 0.75% ASAI3 8.89 ▲ 2.30% SBSP3 30.43 ▲ 1.74% WALMEX 50.11 ▲ 0.70% GMEXICO 200.15 ▲ 1.32% FEMSA 223.22 ▼ 1.13% CEMEX 21.25 ▼ 0.56% GFNORTE 186.77 ▼ 0.50% BIMBO 56.59 ▲ 0.35% TELEVISA 9.43 ▲ 0.96% AMX 22.51 ▲ 0.40% GAP 437.18 ▼ 0.99% ASUR 310.81 ▲ 0.59% OMA 244.00 ▲ 0.05% KOF 185.42 ▼ 1.11% GRUMA 282.08 ▲ 0.01% KIMBER 38.21 ▼ 0.86% SQM-B 66,983 ▼ 0.74% COPEC 5,811 ▼ 0.41% BSANTANDER 74.86 ▼ 0.01% FALABELLA 5,800 ▲ 0.03% ENELAM 82.88 ▼ 0.02% CENCOSUD 2,074 ▲ 0.05% CMPC 1,033 ▼ 0.10% BANCO CHILE 182.25 ▲ 0.20% LATAM AIR 25.89 ▼ 0.42% YPF 71,500 ▲ 2.03% GGAL 7,955 ▲ 0.57% PAMPA 5,135 ▲ 0.88% TXAR 666.50 ▲ 0.45% ALUAR 982.50 ▼ 0.86% TGS 9,115 ▲ 1.62% CEPU 2,310 ▲ 0.13% MIRGOR 16,825 — 0.00% COME 42.20 ▲ 1.05% LOMA NEGRA 3,693 ▲ 0.20% BYMA 308.50 ▲ 2.07% TELECOM ARG 3,960 ▼ 0.25% ECOPETROL 14.70 ▲ 1.73% BANCOLOMBIA 79.15 ▲ 1.24% GRUPO AVAL 5.06 ▼ 0.39% CREDICORP 391.21 ▲ 1.09% SOUTHERN COPPER 172.01 ▲ 1.90% BUENAVENTURA 29.72 ▲ 1.78% MERCADOLIBRE 1,763 ▲ 1.22% NUBANK 13.61 ▲ 1.64% XP 16.16 ▼ 0.12% PAGSEGURO 9.12 ▲ 0.77% STONE 11.17 ▲ 1.64% GLOBANT 32.51 ▲ 3.57% TECNOGLASS 45.62 ▼ 2.87% GAP AIRPORT 253.71 ▲ 0.51% ASUR 310.81 ▲ 0.59% OMA AIRPORT 111.73 ▼ 0.42% AMX ADR 25.72 ▲ 0.43% FEMSA ADR 129.30 ▲ 0.93% CEMEX ADR 12.29 ▲ 1.32% PETROBRAS ADR 16.11 ▲ 0.75% VALE ADR 14.99 ▲ 0.60% ITAU ADR 8.12 ▼ 0.12% SANTANDER BR 5.19 — 0.00% AMBEV ADR 3.10 ▼ 0.32% CSN 0.90 ▲ 0.55% GERDAU 4.07 ▲ 1.24% LATAM ADR 56.43 ▼ 0.84% BTC 62,127 ▲ 1.04% ETH 1,736 ▲ 2.22% SOL 82.03 ▲ 1.72% XRP 1.14 ▲ 4.57% BNB 568.23 ▲ 1.83% ADA 0.18 ▲ 12.09% DOGE 0.08 ▲ 3.75% AVAX 6.90 ▲ 1.58% LINK 7.91 ▲ 2.22% DOT 0.88 ▲ 4.96% LTC 44.13 ▲ 1.47% BCH 227.97 ▲ 3.53% TRX 0.32 ▲ 1.07% XLM 0.20 ▲ 2.88% HBAR 0.07 ▲ 2.97% NEAR 2.00 ▲ 3.22% ATOM 1.60 ▲ 2.83% AAVE 87.36 ▲ 1.39% SELIC 14.25% EMBRAER 84.98 ▲ 2.26% EMBRAER ADR 64.13 ▲ 1.96% JBS 12.26 ▲ 1.57% JBS BDR 62.74 ▼ 1.10% MBRF3 16.83 ▼ 0.65% MBRFY 3.28 ▲ 2.18% INTER 5.47 ▼ 0.36% EGX 50,533 ▲ 0.09% USD/ZAR16.22▼ 0.22% USD/NGN1,366▼ 0.31% NIKKEI 69,744 ▲ 1.47% CSI300 4,842 ▲ 0.62% HSI 23,350 ▲ 1.28% NIFTY 24,271 ▲ 0.39% KOSPI 8,088 ▲ 5.76% JCI 5,876 ▲ 2.28% USD/JPY161.35▲ 0.16% USD/CNY6.77▼ 0.28% DAX 25,779 ▲ 0.78% CAC 8,508 ▲ 0.39% FTSE 10,679 ▲ 0.25% MIB 52,819 ▲ 0.75% IBEX 19,852 ▲ 0.92% STOXX 652.77 ▲ 0.68% EUR/USD1.14▲ 0.09% GBP/USD1.34▲ 0.58% SPX 7,483 — 0.00% DJI 52,900 ▲ 1.14% NDX 29,329 ▼ 1.61% RUT 2,996 ▼ 0.55% TSX 35,265 ▲ 0.85% VIX 15.81 ▼ 2.11% USD/CAD1.42▲ 0.11% US10Y 4.4850 — 0.00% IBOV 174,333 ▲ 0.89% IPSA 10,793 ▼ 0.18% IPC MEX 66,950 ▼ 0.18% MERVAL 3,193,409 ▲ 1.15% COLCAP 2,281.84 ▲ 0.96% BVL PERÚ 55,809.71 ▲ 0.43% USD/BRL 5.17 ▼ 0.66% USD/MXN 17.47 ▲ 0.00% USD/CLP 919.70 ▼ 0.71% USD/COP 3,332 ▼ 1.62% USD/PEN 3.40 ▼ 0.09% USD/ARS 1,488 ▼ 0.07% USD/UYU 40.21 ▲ 1.33% USD/PYG 6,052 ▲ 1.45% USD/BOB 6.86 ▲ 1.45% USD/DOP 58.77 ▼ 0.73% USD/CRC 450.98 ▲ 1.80% USD/GTQ 7.62 ▲ 2.23% USD/HNL 26.71 ▲ 4.29% USD/NIO 36.62 ▲ 0.31% USD/VES 651.34 ▲ 11.02% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.29 ▲ 1.00% USD/TTD 6.66 ▼ 0.04% EUR/BRL 5.91 ▼ 0.38% BRENT 72.13 ▲ 0.46% WTI 68.78 ▲ 0.13% IRON ORE 161.91 — — COPPER 6.22 ▲ 1.79% GOLD 4,187 ▲ 1.81% SILVER 62.82 ▲ 3.58% SOY 1,147 ▲ 1.82% CORN 440.75 ▲ 4.69% WHEAT 600.25 ▲ 1.39% COFFEE 287.45 ▼ 11.36% SUGAR 14.81 ▼ 1.20% ORANGE JUICE 170.70 ▼ 2.40% COTTON 77.52 ▲ 5.79% COCOA 5,123 ▲ 2.34% BEEF 239.03 ▼ 1.16% CATTLE 360.80 ▼ 0.92% LITHIUM 76.53 ▼ 1.85% PETR4 38.19 ▲ 0.61% VALE3 78.90 ▲ 0.84% ITUB4 42.82 ▲ 0.82% BBDC4 18.34 ▲ 2.96% ABEV3 16.28 ▼ 0.12% BBAS3 20.11 ▲ 0.55% B3SA3 14.85 ▲ 1.64% WEGE3 46.66 ▲ 0.86% PRIO3 52.75 ▲ 0.34% SUZB3 40.86 ▲ 0.20% RENT3 41.62 ▲ 0.90% AZZA3 17.31 ▼ 0.17% CSAN3 3.79 ▲ 1.88% RAIZ4 0.39 ▲ 2.63% PCAR3 2.58 ▲ 7.95% GMAT3 3.72 ▲ 3.05% PSSA3 54.08 ▲ 1.16% CVCB3 1.29 ▼ 1.53% POSI3 3.87 ▼ 1.53% SLCE3 12.84 ▲ 1.74% NATU3 8.37 ▲ 1.82% BRKM5 6.28 ▼ 0.16% RANI3 7.97 ▼ 0.38% CSNA3 4.82 ▲ 4.33% CMIN3 4.30 ▲ 1.18% USIM5 8.76 ▲ 2.34% GGBR4 21.43 ▲ 1.32% ENEV3 26.62 ▲ 1.53% NEOE3 33.80 — 0.00% CPFE3 45.74 ▲ 1.42% CMIG4 11.04 ▲ 0.64% EQTL3 39.55 ▲ 0.64% LREN3 14.89 ▲ 0.61% VIVT3 34.81 ▲ 0.58% RAIL3 13.59 ▲ 1.04% KLABIN 17.15 ▲ 0.94% RAIA DROGASIL 17.12 ▲ 1.42% RDOR3 35.89 ▲ 1.01% HAPV3 10.62 ▲ 2.02% FLRY3 15.80 ▲ 0.13% SMTO3 15.62 ▲ 0.06% UGPA3 27.73 ▲ 4.25% VBBR3 30.34 ▲ 1.71% BBSE3 38.69 ▲ 0.05% BPAC11 55.88 ▲ 2.46% CURY3 35.07 ▲ 1.01% AERI3 2.02 ▲ 0.50% VIVARA 22.89 ▲ 0.62% COMPASS 24.98 ▲ 1.34% VAMOS 2.89 ▲ 3.21% SANB11 26.97 ▲ 0.75% ASAI3 8.89 ▲ 2.30% SBSP3 30.43 ▲ 1.74% WALMEX 50.11 ▲ 0.70% GMEXICO 200.15 ▲ 1.32% FEMSA 223.22 ▼ 1.13% CEMEX 21.25 ▼ 0.56% GFNORTE 186.77 ▼ 0.50% BIMBO 56.59 ▲ 0.35% TELEVISA 9.43 ▲ 0.96% AMX 22.51 ▲ 0.40% GAP 437.18 ▼ 0.99% ASUR 310.81 ▲ 0.59% OMA 244.00 ▲ 0.05% KOF 185.42 ▼ 1.11% GRUMA 282.08 ▲ 0.01% KIMBER 38.21 ▼ 0.86% SQM-B 66,983 ▼ 0.74% COPEC 5,811 ▼ 0.41% BSANTANDER 74.86 ▼ 0.01% FALABELLA 5,800 ▲ 0.03% ENELAM 82.88 ▼ 0.02% CENCOSUD 2,074 ▲ 0.05% CMPC 1,033 ▼ 0.10% BANCO CHILE 182.25 ▲ 0.20% LATAM AIR 25.89 ▼ 0.42% YPF 71,500 ▲ 2.03% GGAL 7,955 ▲ 0.57% PAMPA 5,135 ▲ 0.88% TXAR 666.50 ▲ 0.45% ALUAR 982.50 ▼ 0.86% TGS 9,115 ▲ 1.62% CEPU 2,310 ▲ 0.13% MIRGOR 16,825 — 0.00% COME 42.20 ▲ 1.05% LOMA NEGRA 3,693 ▲ 0.20% BYMA 308.50 ▲ 2.07% TELECOM ARG 3,960 ▼ 0.25% ECOPETROL 14.70 ▲ 1.73% BANCOLOMBIA 79.15 ▲ 1.24% GRUPO AVAL 5.06 ▼ 0.39% CREDICORP 391.21 ▲ 1.09% SOUTHERN COPPER 172.01 ▲ 1.90% BUENAVENTURA 29.72 ▲ 1.78% MERCADOLIBRE 1,763 ▲ 1.22% NUBANK 13.61 ▲ 1.64% XP 16.16 ▼ 0.12% PAGSEGURO 9.12 ▲ 0.77% STONE 11.17 ▲ 1.64% GLOBANT 32.51 ▲ 3.57% TECNOGLASS 45.62 ▼ 2.87% GAP AIRPORT 253.71 ▲ 0.51% ASUR 310.81 ▲ 0.59% OMA AIRPORT 111.73 ▼ 0.42% AMX ADR 25.72 ▲ 0.43% FEMSA ADR 129.30 ▲ 0.93% CEMEX ADR 12.29 ▲ 1.32% PETROBRAS ADR 16.11 ▲ 0.75% VALE ADR 14.99 ▲ 0.60% ITAU ADR 8.12 ▼ 0.12% SANTANDER BR 5.19 — 0.00% AMBEV ADR 3.10 ▼ 0.32% CSN 0.90 ▲ 0.55% GERDAU 4.07 ▲ 1.24% LATAM ADR 56.43 ▼ 0.84% BTC 62,127 ▲ 1.04% ETH 1,736 ▲ 2.22% SOL 82.03 ▲ 1.72% XRP 1.14 ▲ 4.57% BNB 568.23 ▲ 1.83% ADA 0.18 ▲ 12.09% DOGE 0.08 ▲ 3.75% AVAX 6.90 ▲ 1.58% LINK 7.91 ▲ 2.22% DOT 0.88 ▲ 4.96% LTC 44.13 ▲ 1.47% BCH 227.97 ▲ 3.53% TRX 0.32 ▲ 1.07% XLM 0.20 ▲ 2.88% HBAR 0.07 ▲ 2.97% NEAR 2.00 ▲ 3.22% ATOM 1.60 ▲ 2.83% AAVE 87.36 ▲ 1.39% SELIC 14.25% EMBRAER 84.98 ▲ 2.26% EMBRAER ADR 64.13 ▲ 1.96% JBS 12.26 ▲ 1.57% JBS BDR 62.74 ▼ 1.10% MBRF3 16.83 ▼ 0.65% MBRFY 3.28 ▲ 2.18% INTER 5.47 ▼ 0.36% EGX 50,533 ▲ 0.09% USD/ZAR 16.21 ▼ 0.25% USD/NGN 1,366 ▼ 0.15% NIKKEI 69,744 ▲ 1.47% CSI300 4,842 ▲ 0.62% HSI 23,350 ▲ 1.28% NIFTY 24,271 ▲ 0.39% KOSPI 8,088 ▲ 5.76% JCI 5,876 ▲ 2.28% USD/JPY 161.36 ▲ 0.16% USD/CNY 6.7702 ▼ 0.10% DAX 25,779 ▲ 0.78% CAC 8,508 ▲ 0.39% FTSE 10,679 ▲ 0.25% MIB 52,819 ▲ 0.75% IBEX 19,852 ▲ 0.92% STOXX 652.77 ▲ 0.68% EUR/USD 1.1442 ▲ 0.05% GBP/USD 1.3356 ▲ 0.06% SPX 7,483 — 0.00% DJI 52,900 ▲ 1.14% NDX 29,329 ▼ 1.61% RUT 2,996 ▼ 0.55% TSX 35,265 ▲ 0.85% VIX 15.81 ▼ 2.11% USD/CAD 1.4197 ▲ 0.10% US10Y 4.4850 — 0.00%
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Friday, July 3, 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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