The peace agreement lowers the price of oil and makes the stock markets rise

BarcelonaThe peace agreement between the United States and Iran, which is to be signed on Friday and would allow the reopening of passage through the Strait of Hormuz, has been immediately reflected in the energy and financial markets, with a decrease this Monday in the price of oil and a generalized rise in the main Asian stock markets, first, and then in Europe.

The Brent crude oil barrel, a benchmark in Europe, fell this Monday below 80 dollars, something that had not happened since the first week of March, just after the attack by the United States and Israel on Iran. Thus, at midday the price of the barrel stood at 79.96 dollars, with a decrease during the day of 3.17%.

The agreement announced on Sunday evening marked the trading day in Asian stock markets, with increases that in some cases exceeded 5%. The stock exchanges of Seoul, Tokyo, and the Philippines led the gains. China's Shenzhen index rose by almost 4%, and Japan's Nikkei and South Korea's Kospi gained more than 5%.

In Europe, stock markets were in the green: at mid-session, the British FTSE 100 was up 0.15%, the French Cac 40 by 1.02%, the German Dax by 1.15%, the Italian FTSE MIB by 0.67%, and the Euro Stoxx 50 by 0.99%. In Spain, the Ibex-35 opened strongly, although at mid-session it moderated its rise to 1.28%, to stand at 19,004.40 points. For the first time during Monday's session, the Spanish selective index reached the historic record of 19,100 points.

More vigilance for oil companies

In this context, the Spanish government continues its meetings with social and business agents to assess the impact of the measures implemented to address the price increases due to the war in the Middle East, but above all to assess whether they will be maintained. It should be recalled that the royal decree in force with the measures expires on June 30 and includes aid for fuels, among other fiscal aid.

This Monday, the Minister of Economy, Carlos Cuerpo, and the Minister for Ecological Transition, Sara Aagesen, met with gas and oil operators. In this meeting, the ministry led by Aagesen conveyed that the Spanish government will extend by a full year the obligation for oil companies to report weekly to the National Commission of Markets and Competition (CNMC) on the acquisition cost of oil products and the selling prices of fuels.

According to sources from the Ministry for Ecological Transition, the measure will be approved by the Council of Ministers this Tuesday. This obligation affects wholesale oil product operators with refining capacity in the State, namely Repsol, BP, and Moeve (formerly Cepsa). It is one of the measures included in the royal decree due to the war to facilitate the work of the CNMC, which monitors the practices of large oil companies to prevent abuse of the consumer in a context where oil prices have soared. The objective is to strengthen surveillance over the margins of energy companies, especially oil companies, at a time of price volatility.

However, sources from the Ministry of Economy state that the package of measures "is fulfilling its objective of cushioning the impact [of the war] on inflation and the purchasing power" of families.