The main index of the Spanish Stock Exchange opened the session down 0.92%, at 19,157.2 points, weighed down by the rise in crude oil amid escalating conflict between the United States and Iran.
The Ibex 35 started the day on Tuesday with a decline of 0.92%, standing at 19,157.2 points and thus losing the psychological barrier of 19,200 points. The negative opening is driven by the rising cost of oil, which has reached a one-month high following the intensification of the conflict in the Middle East.
Oil prices soar due to attacks between the US and Iran
The Brent barrel, a European benchmark, rose 2.8% to $85.7, its highest level since mid-June. Meanwhile, the US West Texas Intermediate (WTI) increased by 3.1% and was trading around $81.
The rise in crude oil prices comes after the United States and Iran exchanged attacks for three consecutive nights. The Iranian Revolutionary Guard has claimed responsibility for several attacks on the US naval base at Jufair in Bahrain, home to the Central Command and the Fifth Fleet.
“The brave warriors of the Revolutionary Guard Navy, in the second wave of Operation Nasr 2, have attacked and destroyed with their missiles and drones several ammunition depots, a satellite communications centre, and the residence building of US forces at the Jufair base in Bahrain,” the military body stated in a communiqué released by the Tasnim agency.
It also reported offensives against US positions in Jordan. This military escalation raises the geopolitical risk premium and drives up oil prices, which directly impacts stock markets.
Widespread declines in banking and tourism stocks
Within the Ibex 35, IAG led the declines in the early stages of the session, with a drop of 2.4%, followed by Banco Sabadell, which fell by 1.9%. Other banks such as BBVA and Santander also recorded declines close to 1%.
On the upside, Indra led the gains with an increase of 2.5%, ahead of Repsol, which gained 1.4% driven by rising oil prices, and Naturgy, which appreciated by 0.5%.
The main European stock exchanges also traded in negative territory. The FTSE 100 in London fell by 0.3%; the CAC 40 in Paris decreased by 0.8%, and the DAX in Frankfurt dropped by 0.5%.
JP Morgan places shares of OHLA and Congress debates deficit path
In the Spanish business sector, the US bank JP Morgan has announced the accelerated placement of 83 million shares of OHLA, equivalent to 6% of the construction company's capital. The operation was closed for 36.9 million euros with a 9% discount compared to the market price.
On the economic agenda, the Economic Commission of Congress meets this Tuesday to examine the candidates proposed by the Government to renew the leadership of the National Commission on Markets and Competition (CNMC), with the appointment of a new president and three commissioners.
Additionally, Congress is holding an extraordinary plenary session to address the first debate and vote on the deficit path and the budget stability objectives set for the General State Budgets of 2027. The proposal faces the announced rejection of PP, Vox, and Junts, which hold a majority in the Chamber.
For investors, the combination of rising oil prices and geopolitical tension typically punishes sectors most dependent on consumption and transport, such as airlines and banking, while benefiting energy companies. The session promises volatility, and it is advisable to closely monitor the evolution of oil prices and political decisions in Congress.
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