The tension around the war with Iran has once again shaken energy markets and driven the price of oil above 110 dollars a barrel. After Donald Trump's speech, in which he avoided specifying when the Strait of Hormuz could be reopened, investors reacted nervously and accelerated crude oil purchases. The West Texas Intermediate (WTI), a benchmark in the United States, has climbed above this threshold —the highest level since March 9— and is heading for its most intense daily increase since 2020, while Brent, a benchmark in Europe, also maintains an upward trend in a context marked by geopolitical uncertainty and the risk of further supply disruptions.

On October 6, 1973, thousands of Israeli soldiers were forced to eat. That day, the country was celebrating Yom Kippur, one of Judaism's holiest holidays, characterized by fasting and prayer, when it was attacked militarily by Egypt and Syria. Many members of the army had to postpone their celebrations. This war, which lasted about three weeks, was another episode in the Arab-Israeli conflict. But at the same time, it marked a turning point for the global economy, as the Organization of the Petroleum Exporting Countries (OPEC, comprised mainly of Arab states) implemented a crude oil embargo on Western countries (the United States and some allies, primarily European), which caused prices to skyrocket and triggered the first of the oil crises of the 1970s and early 1980s.

Oil prices continued to rise Tuesday afternoon due to the Gulf War, fueled by uncertainty surrounding the conflict, the closure of the Strait of Hormuz to shipping, and Iranian attacks on energy infrastructure in the region. Brent crude, the European benchmark, rose more than 4% Tuesday morning compared to the previous day, reaching $104.23 per barrel. However, by early afternoon, the price increase had moderated to 1.30%. Similarly, West Texas Intermediate (WTI) crude, the US benchmark, was up nearly 1.5% at the same time Tuesday afternoon, reaching $93.99 per barrel, while natural gas rose 1.40% to €51.60 per megawatt.

The US Treasury Department announced Thursday that it will temporarily authorize the purchase of Russian oil in transit. The measure aims to curb the surge in crude oil prices, which jumped more than 9% on Thursday after several days of increases and, despite moderating the pace of the climb, continued to rise on Friday. On Friday, the price of Brent crude—the European benchmark—surfaced at over $100 a barrel. Conversely, the price of natural gas moved in the opposite direction, falling by approximately 0.60% to €50.54 per megawatt-hour (MWh) on the Dutch TTF market, which sets prices across the continent. These declines were relatively small, and gas prices rose for much of the day. With the lifting of restrictions on Russian crude, thousands of barrels will enter the market, which should contribute to a decrease—or at least a moderation of the escalating price—of oil. When it announced the embargo, President Donald Trump's administration asserted that the ban on Russian oil purchases was key to pressuring Moscow in the war in Ukraine. However, it now indicates that this temporary exemption from the restriction, which will last until April 11, will not represent a significant benefit for Russia.

Oil and natural gas prices continue to rise as the conflict in the Middle East escalates, negatively impacting stock markets. On Thursday, Brent crude oil neared $100 a barrel again, representing an increase of more than 8% compared to the previous day. The price surge accelerated after Iran's new Supreme Leader, Mukhta Khamenei, warned that he would maintain the closure of the Strait of Hormuz. Natural gas also rose on Thursday, reaching €50.27 per megawatt-hour (MWh) on the Dutch TTF market, around 0.56% higher than Wednesday's levels. This increase in energy costs has impacted the markets, which, for yet another day since the start of the US and Israeli attacks on Iran, experienced losses. The Ibex 35 closed the session with a loss of 1.22% and will start tomorrow at 17,139.90 points. Among the stocks in Spain's main index, banks were the hardest hit: Unicaja fell 4.56%; Sabadell, 4.16%; and BBVA, 3.53%. Conversely, energy companies experienced a rebound, led by Repsol, which posted a gain of 2.63%. The other European stock exchanges followed the same trend: London and Paris fell 0.47% and 0.71%, respectively. Milan also closed lower, down 0.71%, and the best-performing European exchange was Frankfurt, with a drop of 0.29%.

The armed conflict in the Persian Gulf triggered a surge in oil and natural gas prices on Monday, along with a drop in stock markets, due to uncertainty and disruptions to shipping traffic in the region, particularly through the strategic Strait of Hormuz. The price of Brent crude, the European benchmark, rose a notable 7.47% to $78.31 per barrel by 10:00 PM. Similarly, natural gas prices jumped 35.96% on the TTF Dutch benchmark market to €43.45 per megawatt-hour (MWh) due to the suspension of liquefied natural gas exports to Qatar.

The price of natural gas in the Netherlands, the largest market in Europe, has surged by more than 25% this January, driven by renewed geopolitical tensions, particularly the clash between US President Donald Trump and European Union leaders over the American magnate's intentions to annex the EU. The price of gas on the TTF (the Dutch market) closed at €28.161 per megawatt-hour (MWh) in 2025, compared to over €36 on Tuesday. In the Spanish market, Mibgas, the price closed at €30.19 per MWh in 2025, but was above €37 on Tuesday.

Endesa Energía has acknowledged unauthorized access to its sales platform, resulting in the theft of customer data related to their contracts, including identity documents and payment information. A malicious actor bypassed the security measures implemented by the company on its sales platform in a recent security incident, and the company has already begun notifying affected users via email. This incident, described by the company as "unauthorized and illegitimate access," led to the theft of sensitive personal data from customers related to their electricity and gas contracts. According to the company's investigation, the malicious actor "had access and could have exfiltrated" contact information, identity documents, and bank account IBANs. Endesa Energía clarifies that access passwords were not compromised.

Spain and Italy are the only two countries in the European Union that have a gas pipeline connecting them to Algeria, but at a time when Russia is reducing its gas shipments, these two European countries have started to look at each other. Specifically, the Port of Barcelona and the cities of Livorno, Panigaglia and Porto Levante, near Venice, and the liquefied natural gas (LNG) regasification plants that the four locations have.

Australian fund IFM has only obtained 10.83% of Naturgy's capital, well below the 17% it proposed as a minimum to carry out its takeover bid (OPA). Nevertheless, the Australian fund has decided to keep the shares it obtained, as reported to the National Securities Market Commission (CNMV), and becomes the fourth largest shareholder in the Catalan energy company.