Empresas

Heavy bombardment shook Tehran and its suburbs early Tuesday, as the fallout from a joint military operation by the United States and Israel against Iran reverberated across the Middle East and global markets. The attacks, initiated over the weekend, have prompted a swift and volatile reaction, including a 40% surge in gas prices and a 7% increase in the price of Brent crude oil, according to reports from Spanish financial news outlets.

The U.S. State Department has ordered the evacuation of non-essential personnel and their families from Bahrain and Jordan, citing “security risks,” and has advised U.S. Citizens throughout the region to depart, according to a statement released Tuesday. Simultaneously, Iran’s Revolutionary Guard announced a rocket and drone attack on an airbase in Bahrain, though details remain limited.

Spanish companies listed on the Ibex-35 index have been warning investors for weeks about the potential impact of escalating conflict in the Middle East on their businesses. Santander, Telefónica, Repsol, BBVA, Endesa, Naturgy, Ferrovial, Acciona, and Indra, along with El Corte Inglés, have all issued documentation outlining risks to energy markets, inflation, financial stability, supply chains, and global trade. Repsol specifically highlighted uncertainty surrounding key exporting nations like Venezuela, Iran, and Russia, noting the potential for market volatility. Endesa warned of potential supply delays and contract breaches, although Naturgy cited the conflict as a factor in its recent financial reports.

The Iranian Revolutionary Guard’s announcement of the closure of the Strait of Hormuz, a critical artery for global commerce, late Monday further intensified concerns. While Spanish Vice President Sara Aagesen sought to reassure the public that only approximately 5% of Spain’s oil and 2% of its gas transit the strait, the potential for disruption has already driven up energy prices.

Acciona indicated that the conflict in the Middle East represents a risk factor for the global economy, contributing to slower economic growth and rising prices, particularly for energy and food. Banco Santander stated it has “intensified its focus on the management of these risks,” acknowledging the potential for renewed conflict to destabilize commodity markets, energy supply routes, and trade flows, potentially leading to additional inflationary pressures and a deterioration of financial conditions. BBVA as well directly referenced growing tensions in Iran as a factor to consider due to the potential negative consequences.

Telefónica has already factored the conflict into its risk assessments, anticipating increased uncertainty and the potential for expansion to other areas, including Iran. The company noted that more sectors are being designated as “strategic” for national security, leading to increased sanctions, export controls, and investment prohibitions, particularly in areas like artificial intelligence, semiconductors, and biotechnology. Ferrovial reported that air traffic in 2025 was already negatively impacted by conflicts, affecting airports it manages, such as Dalaman in Turkey.

Indra, while potentially benefiting from increased global defense spending, acknowledged the risks posed by the conflict, citing ongoing tensions between Israel and Hezbollah in Lebanon, disruptions to shipping routes through the Suez Canal due to Houthi attacks, and direct involvement of the U.S. In the conflict.

Even outside the Ibex-35, El Corte Inglés acknowledged numerous factors, including the conflict in the Middle East, are impacting the economy and financial markets, creating macroeconomic uncertainty with significant economic and financial repercussions.