Brazil’s state oil company Petrobras received an IBAMA permit to explore Block 59 in the Foz do Amazonas area at the Amazon River mouth, but its first exploratory well, Morpho, suffered an 18,000-litre drilling-fluid leak in January 2026, prompting a fine and a suspension of operations. The project is central to Brazil’s plan to become the world’s fourth-largest oil exporter and is estimated to hold up to 30 billion barrels, but it faces scrutiny over ecological sensitivity, climate controversy and technical risk. The incident did not directly trigger a spot-price spike, but it reinforced expectations of delayed new supply and a higher risk premium for geopolitical and operational disruptions.