Petrobras is trading 4.38% up at €9.00 on September 23, 2026, after flow tests at its Morpho exploration well showed very high-quality crude.
- The well is in Brazil’s Foz do Amazonas basin, and the crude may exceed pre-salt quality.
- The exploration update appears to support the gain despite weaker oil prices and broader risk-off trading.
- The diesel subsidy remains relevant background but was announced earlier and does not directly explain the move.