Oil and gas prices are down, while stock markets are rebounding on hopes of a near end to the war.
Brent crude falls to $85 a barrel and the price of natural gas also drops sharply, by more than 17%, to €46
The price of Brent crude oil – the European benchmark – opened Tuesday with a drop of more than 6%, settling at around $92, following statements by Donald Trump speculating that The war in Iran could end soonOn Monday, the price of a barrel of crude oil soared by almost 29%, reaching nearly $120 – a level not seen since 2022, with the Russian invasion of Ukraine – and finally closed the day with a 6.76% increase.
On Tuesday, Brent crude continued its downward trend, falling to around $85 a barrel, a drop of nearly 15%. Natural gas prices also opened Tuesday's session with a sharp decline of over 16%, settling at €46.16 per megawatt-hour (MWh). This downward trend continued throughout the day, with the price of natural gas on the Dutch TTF market—the European benchmark—falling by 17% to €46.40 per megawatt-hour (MWh). On Monday, the cost of natural gas surged by as much as 30%, reaching €69.
The Ibex 35 rebounded to 17,445 points
Markets began the day with optimism. The Ibex 35 opened with a 2.34% gain, breaking the recent downward trend and recovering the 17,300-point mark. In fact, it closed the session with a 3.05% increase, reaching 17,445 points. The turnaround in oil prices and market conditions has benefited stocks that have been heavily punished since the start of the war in Iran. Examples include companies like IAG – the airline holding company – which rebounded 5.13%, and ArcelorMittal (7.41%) and Solaria (4.75%). Banks contributed to this Ibex advance: Santander rose 5.73%, BBVA 4.77%, and Banco Sabadell 4.10%. Conversely, this change in trend triggered a correction in Repsol, which fell 1.05%.
The rest of the European stock markets followed the same trend: in London, the FTSE-100 index climbed 1.59%; in Frankfurt, the DAX rose 2.39%; in Paris, the CAC-40 gained 1.79%; and in Milan, the FTSE MIB climbed 2.67%.
Asian markets, for their part, also returned to positive territory. In Japan, the Nikkei posted an increase of 2.88%; in Hong Kong, the Hang Seng index rose 2.17%, and the South Korean Kospi climbed 5.35%.
As for the currency market, the drop in oil prices also affected the dollar's value. The euro recovered to its $1.16 level. And precious gold, taking advantage of the dollar's decline, has once again surpassed $5,200 an ounce.