International
Brazil’s Petrobras hikes prices, ignoring Bolsonaro
AFP
Brazilian state-run oil company Petrobras announced hefty increases in gasoline and diesel prices Thursday in response to the Ukraine crisis, ignoring President Jair Bolsonaro’s criticism of what he calls excessive prices.
Petrobras said it would raise the price of gasoline from its refineries by 18.8 percent and diesel by 24.9 percent from Friday, citing the “worldwide surge in the prices of oil and oil derivatives as a result of the war between Russia and Ukraine.”
The company said the move was in line with increases by other fuel suppliers, and emphasized that it had not raised prices in nearly two months.
But the move will likely irk the far-right president, who has been trying to rein in surging fuel prices and inflation more broadly, phenomena which are hurting his popularity as he gears up to seek reelection in October.
Bolsonaro, who regularly criticizes Petrobras for high prices, said Monday the company’s policy of parity with international prices “cannot continue.”
Petrobras shares dove more than seven percent following the comment.
That echoed a stock plunge of more than 20 percent just over a year ago, when Bolsonaro changed Petrobras’s chief executive after saying the company should not be constantly “surprising people” with price increases.
Bolsonaro is pushing for Congress to pass legislation to bring fuel prices down, though experts say the short-term impact would be minimal.
He is also reportedly looking at decreeing emergency subsidies to lower prices.
Both measures are unpopular with fiscal conservatives.
Surging prices in Brazil, where the annual inflation rate stands at 10.38 percent, are a weak spot for Bolsonaro as he eyes a tough reelection battle in seven months, likely against leftist ex-president Luiz Inacio Lula da Silva.
The international oil market has been rocked by volatility since Russia invaded Ukraine two weeks ago.
The Brent crude price hit a peak of $139 a barrel Monday, a 14-year high, before falling to around $116 Thursday.
International
Iran Rejects Negotiations With U.S. as Strait of Hormuz Remains Blocked Amid New Attack
Tensions remained high in the Strait of Hormuz on Monday after a vessel was hit by a projectile, despite U.S. President Donald Trump’s claims that negotiations with Iran were moving forward and that the strategic maritime route could reopen as early as Tuesday.
Tehran denied that direct talks were taking place, but Trump insisted that discussions were underway and described the situation as a final opportunity for Iran to reach an agreement.
“This is the last chance they have to sign a good document,” Trump told reporters at the White House, adding that the reopening of the Strait of Hormuz could happen “literally tomorrow” Tuesday.
The comments came after another escalation in rhetoric from Washington. Last week, Trump threatened Iran with military strikes before unexpectedly changing course on Sunday and announcing that negotiations with Tehran would resume.
Iranian Foreign Ministry spokesman Esmail Baqai rejected the U.S. president’s version of events, stating that Tehran was not holding negotiations with Washington.
“At this moment, we are not negotiating with the United States. We are negotiating with Oman to guarantee safe passage through the Strait of Hormuz,” Baqai said.
Earlier, the Iranian official said that Tehran was close to reaching an agreement with Oman, which lies across the Strait of Hormuz, to reopen the crucial waterway that plays a key role in global energy trade.
The maritime route has remained blocked by Iran since the outbreak of hostilities following U.S. and Israeli strikes against the Islamic Republic on February 28.
Meanwhile, Yemen’s Houthi rebels announced Tuesday that they had launched an attack against an airport in Saudi Arabia. The Iran-backed group had previously disrupted the passage of Saudi vessels through the Red Sea, an alternative route used for crude exports by the world’s largest oil producer.
The continued instability in the region has raised concerns over global energy supplies, as the Strait of Hormuz remains one of the most important chokepoints for international oil shipments.
International
Lula Launches Re-Election Campaign Amid Rising Tensions With Trump
Brazilian President Luiz Inácio Lula da Silva is set to be officially nominated for re-election by his Workers’ Party (PT), marking the start of his campaign for a fourth presidential term.
The nomination takes place during the party’s national convention in São Paulo, Brazil’s economic hub, where around 3,000 supporters gathered to back the veteran leftist leader.
“Today I’m here because Lula’s policies changed my life and my family’s. Thanks to him, we finally own a home after eight generations without one,” said Cristiane Rosa Julho, a 51-year-old social worker attending the event dressed in the PT’s signature red.
Seeking the presidency for the seventh time in his political career, Lula is expected to face Senator Flávio Bolsonaro in next year’s election.
The 45-year-old senator is the son of former far-right President Jair Bolsonaro, who has been jailed over his alleged role in an attempted coup following his defeat to Lula in the 2022 election.
The party convention opened with videos highlighting Lula’s social initiatives and speeches by four women praising his leadership, while supporters waved PT flags and held signs reading “We Want Lula as President” and “Brazil Is Not for Sale.”
The campaign begins amid growing tensions with the United States and President Donald Trump, a close ally of the Bolsonaro family who has openly backed several conservative candidates across Latin America.
Last week, Lula warned against foreign interference, declaring, “In Brazil, we do not accept anyone sticking their nose where it doesn’t belong.”
In July, the United States imposed two rounds of tariffs on Brazilian products, accusing the country of unfair trade practices. The measures followed earlier restrictions introduced in 2025, encouraged by Jair Bolsonaro’s son Eduardo Bolsonaro, in response to legal proceedings against the former president.
Lula has vowed to wage what he called a “war of truth against lies” in response to Washington’s pressure and accused Flávio Bolsonaro of undermining Brazil’s interests by allegedly helping the United States damage the country’s economy. The senator has denied the accusations.
The Brazilian president also claims Washington is attempting to influence the country’s political landscape in an effort to prevent his re-election.
International
Truck bomb attack near police station in Colombia leaves 14 injured ahead of presidential inauguration
A truck loaded with explosives exploded on Saturday near a police station in the Colombian city of Cúcuta, close to the Venezuelan border, leaving 14 people injured in an attack that occurred six days before president-elect Abelardo de la Espriella’s inauguration.
The blast took place in the early hours of the morning and was allegedly carried out by members of the National Liberation Army (ELN), who detonated a vehicle packed with explosives. According to the latest report from the Colombian Army, the attack injured 11 police officers and three civilians.
The explosion involved around 15 explosive devices, and two of the wounded officers are in critical condition and “fighting for their lives,” said William Villamizar, governor of Norte de Santander, the region where the attack occurred.
The incident comes amid Colombia’s worst wave of violence in the past decade, with armed groups expanding their presence in several areas of the country.
“I strongly condemn the cowardly terrorist attack carried out in Cúcuta against our National Police. Terrorism will not intimidate Colombia or break the determination of Colombians to live in peace and security,” De la Espriella said in a post on X.
The conservative lawyer, who has been described as a far-right figure, will take office on August 7, replacing Gustavo Petro, Colombia’s first left-wing president. The inauguration ceremony will be held in Cali, the country’s third-largest city and a frequent target of attacks by armed groups.
The United Nations condemned what it described as an “indiscriminate attack” that caused not only injuries but also “fear and distress among the population.”
De la Espriella has repeatedly warned about an alleged plot against his life. Meanwhile, President Gustavo Petro, who is currently visiting Cuba, has not commented on the attack. During his visit, Petro met with Cuban President Miguel Díaz-Canel to discuss what Havana describes as the United States’ “policy of suffocation” toward the island.
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