Madrid – The IBEX 35 index opened lower on Thursday, March 26, 2026, falling 1.21% as rising crude oil prices and stalled peace negotiations in Iran weighed on investor sentiment. The index began the session at 17,080 points, according to reports.
The downturn comes as the price of Brent crude oil climbed nearly 3%, approaching $105 per barrel. Uncertainty surrounding the conflict in the Middle East and contradictory information regarding potential resolutions are contributing to market volatility, analysts say.
Recent statements from U.S. President Donald Trump have dampened expectations for a peaceful resolution. Trump indicated he is unsure if the U.S. Is prepared to reach an agreement with Iran, reiterating that Iran is seeking a deal, not the United States. He also suggested that the opening of the Strait of Hormuz is contingent on an agreement being reached.
Iran has responded to a proposed ceasefire plan from the United States, requesting guarantees to prevent a recurrence of the conflict. This development adds to the complex geopolitical landscape influencing market performance.
The Spanish stock exchange experienced similar downward pressure, with the Ibex 35 falling below the 17,000-point mark. ArcelorMittal led the declines, dropping 3.58%, while Merlin Properties and Repsol saw gains of 3.23% and 2.33%, respectively.
Meanwhile, gold prices have decreased by 5%, losing their status as a safe-haven asset, and the dollar has remained stable. The market had previously shown positive momentum on Wednesday, March 25, 2026, with the Ibex 35 briefly surpassing 17,100 points amid hopes for a potential truce in Iran, but that optimism has waned.
Iran has also threatened to impose a toll on vessels transiting the Strait of Hormuz, a critical waterway for approximately 20% of global oil shipments. This threat further exacerbates concerns about supply disruptions and price volatility. The situation highlights the sensitivity of global markets to geopolitical events and their impact on energy prices.
Futures on the Ibex 35 have also fallen, trading below 17,000 points, signaling continued pressure on the Spanish stock market. The ongoing uncertainty underscores the challenges facing investors as they navigate a complex and evolving global landscape.
