Spanish stocks rise 0.69% awaiting U.S. sanctions on Iran

The Spanish stock market experienced a modest increase on Monday, with the IBEX 35 index climbing 0.69% to close above 20,000 points. This recovery came as investors closely watched for the release of details regarding U.S. economic sanctions against Iran, previously announced by Treasury Secretary Scott Bessent.

The main index, IBEX 35, added 137.1 points to finish at 20,098.6 points. Year-to-date, the indicator shows a significant gain of 16.12%. The selective index opened with slight gains and, despite brief dips during the session, managed to erase losses by the close, nearing the 20,100-point level it had lost mid-month.

Among the major components of the IBEX, energy giant Repsol was the biggest laggard, falling 3.22% due to a decline in crude oil prices. Iberdrola, another major utility, saw a smaller decrease of 0.1%.

The market's upward movement was partly supported by a correction in oil prices. By the close of European markets, Brent crude oil, the European benchmark, fell 1.8% to $92.66 per barrel, while West Texas Intermediate, the U.S. benchmark, dropped 2.2% to around $85 per barrel.

Several blue-chip companies posted gains. Banco Santander advanced by 1.21%, BBVA by 1.01%, and telecommunications firm Telefónica by 0.75%, contributing to the overall positive performance of the Spanish stock exchange.