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Mining and energy stocks are digging holes in Latin American markets today, particularly in Brazil and Argentina, on Iranian threats about cutting off its oil supply and continuing concerns about the debt crisis in Europe. Declines for shares listed in Mexico and Chile are significantly less pronounced.

Here's where the Latin American markets stand today:

- Ibovespa down 885.02 (-1.5%) to 57,815.28.

- IPC (Mexico City) down 53.38 (-0.13%) to 42,068.87.

- Santiago Index IPSA down 11.37 (-0.27%) to 4,231.60.

- Merval Buenos Aires down 90.98 (-3.7%) to 2,366.18.

In ADR news, Petroleo Brasileiro SA ( PBR ), Brazil's state-controlled oil company is teaming with an oil startup with operations in the Amazon and Namibia to study using pipeline and liquidified natural gas projects as ways to monetize gas discoveries in Brazil's Solimoes Basin.

The companies signed a letter of intent for the partnership early last week, with the chief financial officer of HRT Participacoes em Petroleo SA telling Bloomberg News, "the objective is to optimize investments and logistics for all."

HRT plans to release a report on its Solimoes reserves sometime next year. PBR shares are down 3.3% in New York trading today.

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