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Investors in Petroleo Brasileiro SA will vote Thursday on a new board of directors, as the state-controlled oil giant faces mounting pressure from surging crude prices tied to the Iran war.

Brazil’s government, led by Luiz Inacio Lula da Silva, holds a controlling stake and has nominated eight candidates for the 11-seat board. However, shareholder advisory firms are backing opposition nominees who could challenge government influence over the company’s strategy.

The timing is critical. Petrobras is under pressure from investors to raise domestic fuel prices after crude surged more than 30%, but higher gasoline costs pose a political risk for Lula ahead of elections. So far, the company has kept prices steady to shield consumers from volatility, a stance analysts say may not be sustainable if oil remains elevated.

Petrobras shares have climbed 55% this year on higher oil prices, reflecting strong earnings potential, but also highlighting the tension between market expectations and political priorities.

Beyond pricing, the incoming board will also face strategic decisions around refining. The government is pushing for greater self-sufficiency in fuel production, even though refining offers lower margins than Petrobras’s core upstream business.

Minority shareholders have nominated several candidates for board seats, setting up a contested vote that could reshape governance at one of the world’s largest oil companies.

The outcome will signal how Petrobras navigates the balance between political control and investor demands at a time of heightened global energy volatility.

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