Spain's Ibex 35 pushes above 18,200 as oil spikes and Hormuz closure loom

The Madrid‑based Ibex 35 opened the Thursday session almost flat at 18,155 points, then rose to over 18,200 – a peak of 18,248.7 – after gains in ACS, Inditex, Repsol and ArcelorMittal. The rally was prompted by a jump in Brent crude to about $93 a barrel, following Iran’s military announcement that the Strait of Hormuz was closed to all vessels, including tankers, amid renewed U.S. attacks on Iranian sites.

Investors also kept a close eye on the upcoming European Central Bank meeting, where markets largely expect a rate hike to curb inflation linked to the Iran‑related oil shock. The euro edged higher against the dollar (around 1.155), while Spanish ten‑year bond yields rose to roughly 3.52%.

Later in the week, the Ibex slipped 0.27% to close at 18,174.7 as oil prices fell toward $90 a barrel and diplomatic talks between the United States and Iran showed signs of progress. The same session noted OpenAI’s confidential filing for a U.S. IPO and the collapse of the EU’s FCAS fighter‑jet programme.

Overall, the Spanish market’s performance was shaped by Middle‑East geopolitical tensions, fluctuating oil prices and expectations of tighter monetary policy from the ECB.