Brazil's central bank has begun its long-awaited easing cycle with a 25-basis-point cut following an oil shock linked to the U.S.-Israel war. The bank's rate-setting committee unanimously voted to lower the benchmark Selic rate to 14.75%, after five consecutive meetings holding it at 15%. This move comes amid concerns about rising oil prices and potential second-round inflation in Latin America's largest economy. The decision was made against a deteriorating global backdrop, with oil prices rising above $100 per barrel.