Spain's IBEX 35 rises modestly amid Middle East tensions and oil price shifts

The IBEX 35 closed at 18,176 points on Wednesday, down 0.53% after having touched 18,400 earlier in the session. By midday the index had recovered to 18,276.4 points, a gain of 0.50%. Top gainers were Merlin Properties (+4.52%), Colonial (+2.82%) and ArcelorMittal (+1.23%); the biggest losers included Solaria, Indra, Repsol and Sabadell.

Oil prices fell, with Brent sliding to about $93.8 a barrel (down roughly 1%) and WTI near $91.2, after earlier trading around $98 and $95 respectively. The moves were linked to renewed US‑Iran tensions after the United States announced self‑defence strikes on Iran’s Qeshm island and Iran responded with missile and drone attacks on the U.S. Fifth Fleet in Bahrain.

Spanish macro data showed the labour market adding 231,975 jobs in May, bringing total affiliates to 22.3 million and reducing unemployment by 36,323. The OECD raised its 2026 growth forecast for Spain to 2.2% and expects inflation around 3.3%. Retail giant Inditex posted a net profit of €1.375 billion for the first quarter, a 5.4% increase, and announced a new independent board member.