International financial markets have reacted with strong increases to the reopening of the Strait of Hormuz, one of the main strategic points of global energy trade, within the framework of the temporary truce between Israel and Lebanon.
Iran's decision to again allow commercial transit through this route, through which about a fifth of global oil circulates, has boosted the main stock market indices, with the Ibex 35 leading the gains in Europe.
The Spanish selective has risen by 2.3%, exceeding 18,500 points, after starting the day with slight falls. Among the most bullish stocks are IAG, Banco Santander, ArcelorMittal, Acerinox and BBVA, in a move that reflects investors' relief at a possible stabilization of energy supply and a reduction in geopolitical tensions.
Oil plummets after Iran's announcement
The trigger for this turn in the markets has been the sharp fall in the price of crude oil. The Brent barrel, a benchmark in Europe, has plummeted more than 10%, to stand at 88.91 dollars, while West Texas Intermediate (WTI) has fallen 11.5%, to 83.79 dollars. In parallel, natural gas has also registered significant declines, with the European TTF contract falling 8.7%.
Tehran's decision comes after the entry into force of a ten-day truce in the region, which has allowed the strait to be fully reopened to maritime traffic.
The Iranian Foreign Minister, Abbas Araqchi, has confirmed that all merchant ships will be able to transit during the ceasefire period, which has helped to dispel, at least temporarily, fears about disruptions in global energy supply.
Energy stocks down and rally in the rest of the market
The impact on the stock market has been uneven. While stocks most linked to the economic cycle and transport have led the increases, energy companies have registered significant falls. Repsol has led the declines on the Ibex with losses exceeding 6%, followed by other companies such as Enagás, Naturgy or Iberdrola, penalized by the retreat in the price of raw materials.
In the rest of Europe, the main markets have followed a similar trend, with increases of more than 2% in indices such as the German DAX or the French CAC 40. In the United States, Wall Street has also opened higher, with the S&P 500 and the Nasdaq marking new historical highs, driven by optimism around energy stability.
A temporary relief conditioned by geopolitics
The markets' rebound occurs in a context of high volatility, after months of tensions in the Middle East that had taken the price of crude oil to levels close to 120 dollars. The previous closure of Hormuz had reduced global supply and strained energy markets, even forcing production cuts in Gulf countries and generating alerts about possible supply problems in Europe.
Now, the reopening of the strait not only alleviates those tensions, but also opens the door to a possible reactivation of negotiations between the United States and Iran, who would be exploring an agreement to unblock Iranian funds in exchange for concessions on nuclear matters.
Despite the initial optimism, it is advisable to observe the evolution of the conflict in the Middle East to attend to the future of the markets. The reopening of Hormuz is linked to a time-limited truce, and any breakdown of the ceasefire could reactivate tensions and return volatility to the markets.