On Thursday, July 9, the Brazilian government approved a 60-day extension of the 12% crude oil export tax. This measure was originally introduced in March following a surge in oil prices caused by the conflict involving Iran.

As a major global crude oil exporter, Brazil's decision to extend the 12% export tax will raise domestic export costs and reduce export competitiveness. Consequently, this is expected to curtail supply in the international crude oil market, providing support for spot prices, while futures prices are likely to trend higher driven by expectations of tighter supply.

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