Petrobras CEO Magda Chambriard said the oil market appears to be finding a new trading band between $72 and $75 per barrel, though she emphasized that the situation is not yet fully normalized. Speaking to reporters, Chambriard attributed the continued uncertainty in markets to the ongoing conflict in the Middle East.
The Brazilian state-controlled oil firm announced a reduction in diesel prices for distributors on Tuesday. In an interview later that day, Chambriard said the company’s diesel price cut already incorporates the recent drop in Brent crude prices.
Brent crude futures closed at $72.92 per barrel in the previous trading session. That level is close to the price observed on February 27, the day before the United States and Israel began their military campaign against Iran, according to the figures cited by the company’s CEO. Chambriard’s comments frame the current price behavior as part of a market still affected by regional tensions rather than one that has returned to pre-conflict dynamics.
Petrobras’ public remarks linked a company pricing decision - the diesel cut for distributors - directly to the movement in Brent crude, with Chambriard stating the adjustment already reflects the recent decline. The CEO’s observations highlight both a narrower price range for crude and an ongoing atmosphere of uncertainty driven by geopolitical developments in the Middle East.
While the cited Brent settlement sits within the $72-$75 band Chambriard identified, she was careful to underline that market normalization has not yet occurred because of the continuing regional conflict. The comments suggest Petrobras is monitoring international price action closely when setting domestic distributor prices for fuels.
Summary: Petrobras’ CEO says oil prices are settling between $72 and $75 per barrel but warns that the market remains unsettled due to ongoing Middle East tensions. The company cut diesel prices for distributors, a move Chambriard said already accounts for the recent drop in Brent crude, which settled at $72.92 per barrel in the prior session.