Ibex 35 Falls as Oil Prices Surge Amid Middle East Tensions
The Ibex 35 stock index in Madrid recorded a decline of 0.33% at midday on Monday, falling below the threshold of 20,100 points. The main Spanish index stood at 20,085 points at 12:00 hours, amidst rising tensions in the Middle East that have driven oil prices near $90 per barrel.
The price of Brent crude oil rose by 1.3% to reach $89.65 per barrel, while West Texas Intermediate (WTI) increased by 0.86% to $83.10 per barrel. The rise in oil prices was attributed to the ongoing tensions between Iran and the United States, as well as Israel's recent bombings on Lebanon.
The U.S. President Donald Trump stated that he would declare the Strait of Hormuz a U.S. territory 'very soon', once the war against Iran is concluded. In response, Iranian Deputy Foreign Minister Kazem Gharibabadi tweeted that 'the Strait of Hormuz cannot be taken with tweets, aircraft carriers, decrees, or electoral speeches' and emphasized that it will remain under Iranian control.