After Iran announced the reopening of the Strait of Hormuz, oil and gas prices have plummeted in the markets. Specifically, on Friday afternoon, the price of a barrel of Brent crude oil – the benchmark in Europe – fell by more than 10% and stood at around $89. Futures for West Texas Intermediate (WTI) crude—the benchmark in the United States—stood at around $83, almost 12% less than on Thursday. At some points during the conflict, the price of a barrel of Brent had touched $120. Despite Friday's drop, the price of oil remains above the $72 it stood at just before the attack by the United States and Israel on Iran.

Monday of strong tension in international financial markets. The failure of peace negotiations between Iran and the United States during this weekend has transferred geopolitical tension directly to the trading floors, which have once again turned red. Donald Trump's order to block the Strait of Hormuz –and his direct threat to sink any Iranian ship that ignores the siege– has set off all alarms about global supply.

In a year like 2025, with record stock market gains, the main executives of the Ibex companies, the main benchmark of the Spanish equity market, overwhelmingly earned very significant incomes, further widening the gap with the average earnings of their staff. The link between remuneration and stock performance contributed to boosting the incomes of many senior executives. A clear example was Manuel Manrique, president of Sacyr, who topped the rankings by earning 32.6 million euros, 384.59% more than the previous year, thanks to a bonus for the company's stock market rise since the pandemic. As a consequence of this plan, this executive, one of the founders of Sacyr, multiplied his remuneration of around 6.7 million from 2022, 2023, and 2024. The fact is that Manrique's remuneration was 628 times the average earned by the company's staff, which is around 52,000 euros, according to the directors' remuneration report published by this company.

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.

The crisis in energy markets stemming from the war in the Middle East will worsen "significantly" heading into April compared to March, according to the executive director of the International Energy Agency (IEA), Fatih Birol. The Turkish director, who visited the podcast of Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), explained that while during the last month shipments from the Middle East were still arriving at ports, by April "there will be nothing".

Grifols is deepening its commitment to full integration and self-sufficiency in plasma production to avoid importing it to countries where blood donations are paid for. One instrument to reinforce this commitment will be the initial public offering with a portion of the capital of the Biopharma division in the United StatesThe company has decided to take this step, announced Tuesday night to the Spanish National Securities Market Commission (CNMV), to strengthen its model in the US. This approach encompasses the entire value chain, from plasma collection to manufacturing, logistics, analysis, and distribution of blood products, comparable to the vertical integration of the Inditex-Zara model. According to market sources, the total value of the business to be listed is between €23.7 billion and €27.7 billion, between 13 and 15 times earnings before interest, taxes, depreciation, and amortization (EBITDA), and could substantially reduce Grifols' debt, which currently stands at €0. The company intends to carry out the operation through an initial public offering (IPO) for a minority stake, which, according to Bloomberg, could raise around €6 billion if 20% of the shares are offered. The company's shares, which had risen more than 8% in early trading, finished 1.36% higher on the Spanish market, reaching €8.96.

The Spanish government took the first step on Tuesday to try to revive the Spanish stock market, which has suffered from a drought of new listings for many years. In this regard, the executive branch approved a draft bill transposing several European directives with a clear objective: to make it easier for companies, especially SMEs, to go public. The reform directly addresses one of founders' main fears: the loss of political control of the company to external investors. To this end, the government has introduced two key measures. Until now, to go public, a company had to offer at least 25% of its capital, known as free floatWith the new regulations, that threshold drops to 10%. This allows the original owners to raise funds without having to sell almost a quarter of the company at once. Furthermore, the law opens the door to dual-voting shares. This mechanism allows certain shares, usually those retained by the founders, to have greater weight in decision-making than those sold to new investors. "What we are doing is reducing the risk of diluting the founders' stake," explained the Minister of Economy, Carlos Cuerpo, at the press conference following the cabinet meeting. Less bureaucracy for SMEs

The Socialist government also wants to reduce the costs of listing on the stock exchange. First, the threshold for issuing a share issuance that requires a complex prospectus is being raised from €8 million to €12 million. Another measure is the reduction and simplification of transparency requirements for smaller companies, with the aim of facilitating their participation in the stock market. Finally, alternative investment funds will also be allowed to grant loans to these companies, strengthening their position as an alternative to traditional banks and increasing transparency in the fees charged to intermediaries.

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We read in the ARA This headline: "Black Thursday on World Stock Exchanges." It refers, of course, to the fact that the notorious US president is shaking up the stock market with his all-you-can-eat attitude toward the world. The stock exchanges are the stock market. We all understand that, just as when we say "the papers" we understand that we mean newspapers.

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Indra's board of directors, in an extraordinary meeting, decided to postpone the planned merger with Escribano Mechanical & Engineering SL (EM&M). The decision was proposed by the chairman, Ángel Escribano, who also co-owns EM&M with his brother Javier. With this move, Escribano circumvents the demand from the State, Indra's largest shareholder through SEPI, which had called for his resignation should the integration project proceed. SEPI, the state-owned holding company that controls 28% of Indra's capital, considered this the only way to avoid a conflict of interest, even though measures had been taken to prevent the businessman from participating in the merger aimed at creating a major Spanish defense group. SEPI argued that a conflict of interest would arise if the integration went ahead and Indra acquired a company co-owned by its own chairman. The Escribano family, for their part, have opted to propose to the board of directors that the merger be halted and that Ángel Escribano remain as chairman of Indra. EM&M holds 14.3% of Indra's capital, Ángel Escribano is its chairman, and his brother is also a board member. In this context, the company's shares registered a significant drop, exceeding 16%. The session ended with a loss of more than 12%, down to €50, and a reduction in the company's value of approximately €1.3 billion. The session had already begun in the red after SEPI acknowledged on Wednesday night that a conflict of interest existed regarding the potential acquisition of EM&M. In a communication to the National Securities Market Commission (CNMV), the state-owned company stated that it had conveyed to Indra its "concern about the influence that the conflict of interest has on the analysis of this operation, despite the measures taken to mitigate it." He insisted that any conflict of interest between Indra and EM&E should be resolved before the transaction took place. For this reason, he requested that "this conflict of interest be resolved so that we can continue with the analysis of the transaction and make a decision that is as advantageous as possible for Indra."

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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.

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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%.

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If investors are patient and don't let nervousness get the better of them when prices fall or rise, stocks are the financial asset that offers the highest returns. Since 1900, shares in companies listed on the Spanish stock exchange have yielded an average of 2% more than bonds and long-term government debt, according to the study. Global investment returns yearbook 2026 (Global Investment Performance Yearbook 2026) published by the Swiss bank UBS in collaboration with Professor Paul Marsh and Dr. Mike Staunton (London Business School) and Professor Elroy Dimson (University of Cambridge) with data from 35 countries.

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The Spanish stock market opened this Wednesday with a 0.67% drop in its benchmark index, the Ibex 35, amid the geopolitical and economic uncertainty caused by the joint US-Israeli offensive against Iran, and the day after US President Donald Trump threatened sanctions against the Spanish state for its stance against the war and for refusing to cede the use of military bases. However, throughout the day, the benchmark Spanish index corrected its trend and ended up rebounding 2.49%, closing the session at 17,487 points. This year, the index has already lost 1.92%. On Tuesday, the Ibex 35 closed at 17,062.40 points, after falling 4.55% in a dismal day, in which all stocks declined except for the oil company Repsol, which managed to rise 3.29% thanks to the boost from higher oil prices. This Wednesday, the stocks reversed, and Repsol was one of the few to fall (-2.85%), along with Enagás (-0.72%). These are two of the companies that have benefited most from the conflict in the Persian Gulf due to the increased price of natural gas and oil. In fact, Repsol had led the few gains on the Spanish continuous market on both Monday and Tuesday. At the other end of the spectrum, tourism sector stocks stood out, such as Amadeus (+5.56%) and IAG (+4.32%). Major banks also led the gains in this midweek session, with BBVA (+4.26%) and Santander (+3.88%) being the most prominent. Similarly, some of the worst-performing stocks on Tuesday closed the last session among the top performers, such as ArcelorMittal (+4.96%) and Acerinox (+5.35%). Renewable energy companies Acciona Energía (+4.23%) and Solaria (+4.90%) also saw gains. The Ibex 35's gains followed the trend of the rest of the European markets, where there was also some rebound after two days of declines. Specifically, Frankfurt and Milan were trading more than 1.4% higher, Paris was up 1%, and London 0.7%. Wall Street also showed an upward trend at the close of European markets.

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On Monday the blow seemed less severe, although the trading session ended with losses, but this Tuesday the stock markets plummeted. The Ibex 35, the main benchmark of the Spanish stock market, fell 4.55% despite holding above the 17,000-point level, after reaching record highs well above 18,000. The only stock to gain ground was Repsol, with an advance of over 3%. The rest of the Ibex stocks accumulated declines; Acciona (-11.77%), Solaria (-10.46%), and Acerinox (-9.46%) were the hardest hit. The messages coming from the White House regarding the conflict with Iran, far from calming the situation, have made investors more nervous, who anticipate a longer conflict than expected.

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The GIP fund, owned by the US investment giant BlackRock, has decided to exit its stake in Naturgy. The group has announced an accelerated placement on the market of 11.4% of the gas company's capital, which, at Monday's closing price, amounts to more than €2.955 billion. With this operation, carried out by Goldman Sachs and JP Morgan, the restructuring of the energy company's capital is complete. Criteria, the investment arm of La Caixa, remains in first place, with more than 25.98% of the shares, followed by CVC, with 18.8%, and the Australian fund IFM, with 15.16%. The transaction is being carried out through a rapid process whereby the placement banks solicit orders from large institutional investors within a few hours to fully subscribe the shares. Last December, GIP III Canary, the fund holding the stake, already had reduced its stake in Naturgy through an initial accelerated placement of approximately 7.1% of the capital. It then sold at a price of €24.75 per share. Following this operation, the vehicle held 11.4% of the gas company's capital, subject to a commitment to maintain (lock-up(in financial jargon) of 90 days. This Monday, Naturgy was one of the few stocks that rose on the Spanish stock exchange, with a 1.37% increase to €26.70.

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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.

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Lately, we've been witnessing a military operation every month. This time in Iran. Coincidentally, they almost always happen on weekends, with the financial markets closed. But then Monday comes and the stock exchanges reopen. Should we be alarmed?

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Gold is back at record highs, with spot prices rising 1.2% to $5,163.60 per ounce and April futures reaching $5,184.90. This trend—which underscores the precious metal's role as a safe haven following Donald Trump's announcement of a 15% global tariff, after the Supreme Court struck down his previous tariffs imposed without congressional approval on Friday—is coupled with a weakening dollar. The euro is trading around $1.1833. Meanwhile, the Spanish stock market began the week largely ignoring US President Donald Trump's pronouncements. The Ibex 35, the main index of the Spanish equity market, opened higher, driven primarily by banks thanks to a Deutsche Bank report that revised its price targets upward. At the start of trading, all financial institutions were showing gains. However, it eventually returned to record levels and closed at 18,288.70 points, up 0.56%.

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The nomination of a new candidate to chair the Federal Reserve (the Fed, the US central bank) has reignited volatility and turned many markets upside down, especially the US stock market and the dollar, while, on the other hand, the price of gold and other precious metals continued to fall on Monday after plummeting.

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Another day with red panels on the stock markets due to geopolitical tensions and the risk of a trade war between Europe and the United States. The Ibex fell 1.34% in a session marked by selling, and the other European markets also declined, with drops ranging from 0.61% to 1.03% for the Frankfurt DAX. The Eurostoxx-50, which groups the main European stocks, closed at 5,892.08 points, down 0.57%. In this context, the dollar weakened further, while the euro strengthened to $1.17. Wall Street, which was closed on Monday, also began the day in the red. The nervousness, already noticeable on Monday although the Ibex ended the session limiting its losses, prevails because US President Donald Trump has made it clear that tariffs are one of the main instruments he intends to use to achieve his objectives. Aside from announcing additional tariffs for countries that send troops to Greenland, he warned that he would impose a 200% tariff on French wine and champagne if the country's president, Emmanuel Macron, refuses to join his "peace council" for Gaza. This opens up two simultaneous fronts affecting the markets: geopolitical tensions and a potential trade war. These variables increase uncertainty and complicate matters for investors. Given his capacity to surprise, everyone is waiting to see what Trump will say in his address at the World Economic Forum in Davos, Switzerland, where the global political and economic elite gathers. Also scheduled to speak are the president of the European Commission, Ursula von der Leyen; the Chinese vice premier, He Lifeng; and the president of France, Emmanuel Macron.

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