The Ibex 35 surged to an all-time high, breaking through the 19,000-point barrier to reach 19,122 points. The rally adds to an approximate 10% gain since the start of the year, driven by a framework peace agreement between the United States and Iran.
The economic cornerstone of the deal is the immediate reopening of the Strait of Hormuz, a critical logistical chokepoint for a fifth of the world’s oil consumption. The resolution removes a major supply chain threat that previously caused crude prices to soar and stoked inflationary fears. Following the announcement, Brent crude prices plunged more than 4% before the market opened.
The easing of geopolitical tensions revived strong risk appetite on the Spanish benchmark. Airline group IAG led travel stocks with a near 5% jump, while falling fuel costs boosted summer outlooks for Meliá Hotels and Amadeus. The banking sector powered the index’s engine, with Banco Santander climbing 3.48% and BBVA gaining 3.14%. Industrial and retail firms also rose, with Inditex advancing 2.07% as energy cost pressures eased.
The optimism extended across the continent, with the Dax in Frankfurt, the CAC 40 in Paris, and the Euro Stoxx 50 all opening with strong gains.