Madrid
Escalating tensions in the Persian Gulf and fears that the conflict will fuel inflation and harm economic activity have triggered chaos in stock markets for the second consecutive day.
The IBEX 35 closed Tuesday’s session with a plunge of 4.53%, falling below the 17,100 point mark to close at 17,065. This marks the second straight day of losses for the Spanish index, which has shed 6.9% since last Friday, erasing all of its year-to-date gains.
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The declines broadened throughout the day, impacting all European indices, and sectors. The Eurostoxx index of leading European companies closed down nearly 4%; the German DAX fell 3.8%, and the CAC40 in France dropped close to 3.5%.
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The conflict in the Middle East is having a comparable impact on stock markets to that seen in April 2025 – when Donald Trump unveiled his tariff offensive – and is approaching the level of market reaction experienced in 2020 during the COVID-19 crisis.
Oil and Gas Prices Surge
Fears of a prolonged blockade of the Strait of Hormuz are accelerating the rise in energy prices for the second day in a row. The price of Brent crude oil jumped 8% on Tuesday, reaching over $85 a barrel, the highest level since mid-2024. The surge in oil prices reflects growing concerns about supply disruptions in a critical global energy chokepoint.
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Natural gas prices are rising even more sharply, soaring 25% to €56/MWh, and peaking above €60/MWh. This price nearly doubles the level seen just four days ago and reaches highs not seen since January 2025.
