Ibex 35 hovers near 19,300 points as oil prices surge amid Middle East tensions

The Spanish Ibex 35 index traded around the 19,300‑point level on Tuesday, slipping to as low as 19,157 in the opening and later closing near 19,357. The volatility was driven by a sharp rise in crude oil prices – Brent traded near $85‑$86 per barrel and WTI around $80 – after the United States and Iran exchanged attacks for a third consecutive night, including Iranian strikes on the U.S. naval base in Juffair, Bahrain, and U.S. air strikes on Iranian targets.

Market participants noted the impact of oil on equities: Repsol was the top gainer on the Ibex, while Inditex and IAG led the declines. JP Morgan accelerated the sale of 83 million OHLA shares (6 % of the Spanish builder) for €36.9 million at a 9 % discount. The Spanish Congress’s Economy Committee met to discuss new appointments to the CNMC and the 2027 budget deficit pathway.

Analysts quoted Norbert Rücker of Julius Baer: “Con el flujo de petróleo y otros bienes a través del estrecho de Ormuz en las últimas semanas, las cadenas de suministro deberían poder amortiguar lo que parece perfilarse como una interrupción más prolongada.” The broader market backdrop included a moderation in U.S. inflation data and President Donald Trump’s reversal of a proposed 20 % toll on ships crossing the Strait of Hormuz, which helped curb the oil rally.