The Ibex 35 index experienced volatility following the United States' military action against Iran. On June 23, 2025, the index opened with a decline of 0.7%, dropping below 13,800 points. It partially recovered during the day, closing nearly flat and maintaining around 13,800 points with a slight loss of 0.08%. The following day, June 24, the Ibex 35 rebounded to surpass 14,000 points amid a de-escalation in military tensions between the US and Iran. However, on June 25, the index fell by 0.74%, losing the 14,000-point mark again, pressured by declines in sectors such as banking and companies like Inditex and Iberdrola. Market fragility was also influenced by ongoing geopolitical tensions involving Israel and Iran. By June 26, the Ibex 35 opened higher, with investor attention on European Central Bank President Christine Lagarde and US-related tensions. On June 27, the index continued its upward trend, gaining 0.4% in early trading and approaching 13,900 points, led by a more than 5% increase in Indra shares. Analysts expressed optimism about the Ibex reaching the 15,000-point level, suggesting a potential return to historic highs. The market was also influenced by positive movements on Wall Street and anticipation of inflation data and trade negotiations with the United States.