BRASILIA, March 22 (Reuters) - Brazil's central bank considered the implications of a lower rate hike of at least 75 basis points, but decided on a 100-basis-point increase which would be "timelier" given inflationary pressures as it approaches the end of its aggressive monetary tightening cycle.

The central bank felt the conflict in Ukraine added further uncertainty and volatility and caused a supply shock in several commodities, especially energy-related ones, according to the minutes of the March 15-16 meeting, when the rate-setting committee known as Copom raised the benchmark rate to 11.75%.

"The committee opted for a timelier interest rate trajectory than that embedded in its scenarios," showed minutes released on Tuesday.

"This preference expresses caution regarding the probabilities awarded to its scenarios and the measurement of second-round effects, as well as its commitment to the convergence of inflation and expectations to its targets over the relevant horizon."

Policymakers had indicated last week another 100-basis-point hike at the next meeting in May, hardening its stance to put interest rates into "an even more restrictive territory" to curb second-round effects of the current supply shock.

The message, along with a recent fuel price increase by state-run oil firm Petrobras, contributed to an increase in market bets on higher consumer prices and rates at the end of the year.

In the minutes, policymakers noted that most commodities had "strong" gains since Russia's invasion of Ukraine.

Despite considering an alternative and more benign scenario for oil as more likely, with prices ending 2022 at $100 per barrel, policymakers decided that a tighter rate strategy was the most appropriate at the moment.

"In our view, by giving a greater probability to the alternative scenario and opting for a timelier adjustment, the central bank reinforced that the current rate hike cycle should end at its next meeting," said economists at Banco Bradesco in a note to clients.

Alberto Ramos, head of Latin American research at Goldman Sachs, expects a final 25- or 50-basis-point increase in June, but noted that his conviction about such hike has declined following the minutes.

Since March 2021, rates in Brazil have climbed from a record low of 2% to tame inflation that reached 10.5% in the 12 months to February.

The aggressive cycle has contrasted with President Jair Bolsonaro's latest moves as he provides economic stimulus ahead of a reelection bid in October. (Reporting by Marcela Ayres; Editing by Andrew Heavens, Chizu Nomiyama and Jonathan Oatis)