Spain's main index rose 0.15% after Brent fell below 100 dollars. Trump's comments on Iran wiped out most of the Ibex 35's early gains, leaving the index near 19,754 points.
Donald Trump's latest comments on Iran wiped out most of the Ibex 35's early rise. They did not push Spain's benchmark into negative territory. The index closed 0.15% higher at 19,754.1 points after Brent crude fell to 99.82 dollars a barrel. The gain was the second in a row and lifted the Ibex 35's rise for the year to 14.13%. Reuters and other market reports described the close as almost unchanged in practical terms. The index still held above 19,750 points, a level closely watched by investors.
The market turned after the US president said he would try to reach an agreement with Iran after the country's legislative elections in November. He also said he was considering "aniquilar" the Islamic republic if no agreement was reached. The remarks cut the Spanish market's gains as investors weighed their immediate effect. Reuters said Trump had combined an opening toward a possible diplomatic deal with a renewed threat of escalation.
An Iranian official cited by Reuters said Tehran could reopen the Strait of Hormuz within seven days if the United States eased military pressure and lifted its blockade of Iranian ports.
Madrid's market had looked set for a much stronger finish.
The Ibex opened slightly higher, then slipped into negative territory. It recovered after 10:30 and reached an intraday peak of 19,942.8 points, up 1.1%. After Trump's conference, the index fell back below 19,800 points. It ended only modestly above the previous close.
Brent's decline gave the market its clearest support. The oil benchmark finished at 99.82 dollars. The prospect of a US approach toward Iran helped shape the move during the session. The result was a narrow gain instead of a continuation of the stronger rise seen earlier in the day.
The oil response was volatile rather than one-directional: reports indicated that Brent had traded below 100 dollars on the previous day before recovering above that threshold during the session. Investors were therefore tracking not only the headline price but also the possibility that diplomacy could reduce the geopolitical premium attached to supplies passing through the Strait of Hormuz.
Puig Brands led the Ibex. Its shares rose 3.84% after positive reports from Jefferies and JP Morgan about the company's business prospects. Telefónica moved the other way, losing 2.83% in market value and posting the index's biggest decline.
The day's gains were uneven. Relief in energy markets helped the index, while company-specific views drove the biggest moves in individual shares. The wider Ibex story also involves corporate governance and shareholder value, as an earlier pay analysis showed.
EFE reported the closing figures. The final result was positive but limited: a 0.15% rise to 19,754.1 points after a 1.1% intraday gain. For investors in Spain, the session showed how quickly oil prices and presidential statements can reshape the index. The Ibex remains well above its level at the start of 2026, but Tuesday's close was a restrained gain rather than a broad show of confidence. The small advance reflected global exposure to oil and Middle East risk more than a new domestic Spanish catalyst.
