Petrobras call volume above normal and directionally bullish

Bullish option flow detected in Petrobras (PBR) with 21,304 calls trading, 3x expected, and implied vol increasing over 1 point to 26.93%. Jul-25 16 calls and Apr-25 13 puts are the most active options, with total volume in those strikes near 11,900 contracts. The Put/Call Ratio is 0.42. Earnings are expected on May 12th.