By Brazil Stock Guide – Petrobras (PETR4.SA; PBR) said Monday (March 2) that escalating tensions in the Middle East do not currently threaten its import or export operations, even after the closure of the Strait of Hormuz, a key global oil shipping route.
The statement follows attacks by the United States and Israel on Iran on Saturday (February 28), which resulted in the death of Ayatollah Ali Khamenei and intensified regional instability.
“Petrobras’ import flows are mostly outside the crisis region and the few existing routes can be redirected,” the Rio de Janeiro-based oil producer said. The company added that it “has alternative routes to the conflict region, ensuring operational security and competitive costs, while preserving margins.”
The Strait of Hormuz is the main maritime corridor for crude exports from the Middle East. While Petrobras regularly purchases crude oil and diesel from countries in the region, the company said its logistics structure allows flexibility. Some of the crude imported from the Middle East is a specific grade used in lubricant production.
Petrobras said its diversified supply routes mitigate direct exposure to disruptions stemming from the conflict.
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