The price of oil is currently plunging more than 10% after learning about the full reopening of the Strait of Hormuz announced by Iran this Friday. With this collapse, the price of a barrel of Brent, the European reference, falls below $89, a level not seen since early March. The U.S. West Texas falls even further, over 11%, and returns to the usual trend of recent years, with prices slightly cheaper than European Brent. In recent weeks, investors had bought a premium on American black gold considering it more accessible in a time of uncertainty like the war in the Middle East and supply problems.
The same situation is replicated by European gas. The Dutch TTF drops more than 9%, below 39 euros per MWh after learning the news, practically erasing the increase seen over the last month and a half in a matter of minutes. Nevertheless, both oil and gas still trade 22% above the levels they had before the first U.S. Army attack on Iran on February 28.
While investors rush out of the commodities market, they are buying equities. In Spain, the Ibex 35 surges 2% to 18,440 points. Companies like IAG, Indra, or entities like Banco Santander and BBVA lead the purchases. On the other hand, Repsol stands out with a drop of over 4%.