Ibex 35 tumbles as US-Iran tensions reignite, oil surges

The Ibex 35 suffered sharp losses on July 8, 2026, after the United States launched new attacks on Iran in response to Iranian aggression against shipping in the Strait of Hormuz. By mid-session, the Spanish benchmark was down over 2.5% to around 19,100 points, erasing gains from earlier in the week when it had flirted with the historic 20,000 level Source: La Vanguardia. Early reports showed declines of 0.5-1.1%, but losses accelerated as the session progressed Source: Infobae; El Confidencial.

Market moves

• Ibex 35: Fell from above 19,600 to near 19,100, with banks like Santander and Acerinox leading losses Source: La Vanguardia.
• Oil: Brent crude jumped 3-6%, reaching above $78 per barrel, as fears of supply disruptions through the Strait of Hormuz returned Source: La Vanguardia; Infobae.
• European peers: Frankfurt's DAX lost 1.1%, Paris CAC 0.9%, London FTSE 0.7% Source: Infobae.

The energy sector bucked the trend: Repsol gained around 4% on higher oil prices Source: La Vanguardia; Infobae.

Context

The slump came just days after the Ibex had reached all-time highs near 19,850 points, driven by strong banking and energy stocks Source: ABC; El Español. Analysts had warned that the rally was fragile due to geopolitical risks and the impact of rate hikes on bank margins Source: ABC. The latest escalation threatens to undermine the recovery and reignite inflationary pressures in Europe.