IAG plummets more than 5% on the stock market due to uncertainty due to the conflict in the Middle East

MADRID, 9 Oct. (EUROPA PRESS) -

The shares of the aeronautical holding company IAG plummeted more than 5% on the stock market shortly after the start of the trading day due to the uncertainty over the conflict in the Middle East, which has caused the price of oil to rebound by more than 3% and the cancellation of flights by several airlines to Tel Aviv.

The company started the trading day down, leading the declines of the Ibex 35, with a fall of 5.11% at 9:15 a.m., to 1.716 euros per share, although minutes later it increased its decline to 5.56%, to the 1,708 euros.

The price of a barrel of Brent crude oil, the reference for Europe, rose more than 3% this Monday, given the escalation of tensions in the Middle East after the open war between Hamas and Israel, as well as the situation in Iran, in addition to the pressures related to the conflict in Ukraine and the cut in supplies from Russia and Saudi Arabia.

The price of a barrel of Brent oil reached $89 this morning, 5.2% above the previous close, although it later moderated the rise to just over 3%, trading above $87.

In the case of West Texas Intermediate (WTI) crude oil, the reference for the United States, the price rose 3.50% compared to last Friday's close and was trading above $85.

The Islamic Resistance Movement (Hamas) claimed this Sunday to have attacked the Ben Gurion International Airport, which is located in the city of Lod, southeast of Tel Aviv, as part of the offensive launched this weekend against Israeli territory.

On the tourism front, flights to Tel Aviv, the second most touristic city in Israel, are being canceled, which is causing uncertainty for both companies and passengers.