The Ibex 35 index experienced volatility amid geopolitical and trade tensions between late June and early July 2025. Following a US military attack on Iran, the Ibex 35 dropped below 13,800 points, declining by 0.7% at the opening on June 23. It later recovered to around 13,800 points, closing nearly flat with a slight 0.08% decrease by the end of that day. After a de-escalation in US-Iran military tensions, the index regained momentum, surpassing 14,000 points by June 24. Throughout the last week of June and early July, the Ibex 35 fluctuated around the 14,000-point mark, with gains supported by sectors such as banking, steel producers, and companies like Sabadell, Santander, and Indra, which saw rises of over 5%. The index posted weekly gains close to 1.5% over four sessions ending July 4 but faced downward pressure from renewed US tariff threats, particularly from President Donald Trump. These threats led to a drop of approximately 1.48% on July 4, causing the Ibex 35 to fall below 14,000 points again, with banking, energy, and retail sectors like Inditex among the hardest hit. Despite this, the index closed the week almost flat at around 13,900 points. In the following days, the Ibex 35 showed cautious recovery, regaining the 14,000-point level by July 7, buoyed by a 2% rise in banking stocks and gains in airline group IAG. The market remained sensitive to ongoing US tariff negotiations, with the deadline for trade agreements set for August 1. On July 8 and 9, the Ibex 35 hovered around 14,000 to 14,148 points, showing resilience despite new tariff threats from Trump targeting copper and pharmaceutical sectors. Overall, the Ibex 35 demonstrated a volatile but resilient performance amid geopolitical conflicts and trade tensions, with investor focus on US tariff policies and commercial negotiations.