Spanish stocks slide 1.55% as oil prices surge amid US-Iran tensions

Spain's stock market experienced a notable downturn on Thursday, with the main index, the IBEX 35, closing down 1.55%. The decline was primarily driven by a sharp increase in crude oil prices, which saw Brent crude breach the $100 per barrel mark.

The surge in oil prices is attributed to escalating political and military tensions between the United States and Iran. This geopolitical instability has created uncertainty in global energy markets, leading to a significant rise in the cost of oil, a key global commodity.

The IBEX 35 index lost 304.3 points, settling at 19,267. Despite the overall market decline, some major companies showed resilience. Oil giant Repsol saw its stock price increase by 3.65%, benefiting from the higher oil prices. Technology firm Indra also advanced, gaining 7.08%.

Conversely, the European airline group IAG was the most heavily penalized stock, falling 3.89%. Banco Santander also experienced a decline, shedding 3.86% of its value. Wall Street also opened with losses, reflecting the broader negative sentiment in global financial markets. The European benchmark Brent crude oil was up 7.26%, trading at $100.9 per barrel, a level not seen since late May.