Ibex Falls Amid US-Iran Tensions and Rising Oil Prices

The Spanish stock market, Ibex 35, closed down 1.51% on Wednesday in response to the ongoing tensions between the US and Iran. The escalation of the conflict has had a significant impact on global markets, with Brent oil prices rising by 3.5% to surpass $101 per barrel.

Inditex, the parent company of Zara, saw its stock fall despite announcing a record profit of €2.98 billion for the first half of its fiscal year 2026-2027. The company's net profit grew by 6.8% compared to the same period last year.

The European Central Bank's interest rate decision on Thursday will be closely watched, as investors seek clarity on how the ECB interprets the impact of rising energy prices on inflation.