With the Iran conflict, the price of oil has skyrocketed - well only skyrocketed in relation to the absurd cheap price it was at.
This has caused pretty much every non US market to sink hard, with countries like brazil down 10%. There's no way the Iran conflict will touch Brazil outside of oil prices. I think it's foolish to assume that the price of oil will stay at this level for 6 months or more, especially with so many countries throttling supply before this due to absurdly low prices.
The price of oil is coming back down, the dollar is coming back down, and international ETFs will bounce back.