Ibex 35 Surges Amid Oil Price Volatility

The Madrid Stock Exchange's Ibex 35 index began trading Thursday with a nearly 0.4% increase, reaching 20,279 points.

By 9:05 am, it had risen to 20,332 points, an increase of 0.6%. Meanwhile, the price of Brent oil declined by around 0.5%, dropping to $88.5 per barrel due to uncertainty surrounding the Strait of Hormuz.

The US and Iran have exchanged denials over the situation in the strait, with President Donald Trump stating that the maritime route is 'under total control' of his administration.

However, the Persian Gulf Strait Authority (PGSA) contradicted this claim, asserting that 'the repeated claims and publications by U.S. officials that the Strait of Hormuz is no longer blocked do not change reality.' The PGSA reiterated that 'the Strait of Hormuz remains blocked' until Iran's conditions are met.

Investors remain cautious as they monitor developments in the Middle East, alongside other economic indicators such as producer price index data and new unemployment claims in the US.