Spain holds power prices low as oil surge drags copper to three-month low - Mar 19, 2026

As of March 19, today’s news highlights escalating tensions in the Middle East and their ripple effects on global energy prices, alongside Spain's resilience amid the Iranian oil shocks. Spain continues to garner praise for its strategies to mitigate the impact of soaring energy prices linked to geopolitical stress, Financial Times reported. The country’s reliance on renewable energy has led to comparatively low electricity prices, which are forecasted at around €66 per megawatt-hour for the remainder of the year. This achievement has been attributed to a favorable mix of renewables and a robust nuclear fleet, which has allowed Spain to keep electricity prices considerably lower than Italy, where gas prices have set power costs significantly more often. Turning to market conditions, the impact of surging oil prices was felt across the commodities spectrum as copper prices hit a three-month low, dropping by 2.5% to 12,091 dollars per metric ton. Analysts suggest that higher oil prices are likely to curb economic demand, exacerbating concerns over decreased usage of metals. This situation was further fueled by Brent crude oil surging to over 119 dollars per barrel following attacks on energy facilities in the Middle East, marking a notable escalation in the ongoing conflict. The broader repercussions of these energy tensions were vividly illustrated as Europe scrambled to stabilize energy prices following Iranian missile strikes on critical facilities in Qatar. The strikes have disrupted an estimated 17% of Qatar's LNG export capacity, risking a shortfall that could threaten supplies to Europe and Asia and resulting in potential long-term consequences for the global LNG market. Finally, European powers and Japan said today they would act to stabilise energy markets and join "appropriate efforts" to open the Gulf's energy chokepoint after tit-for-tat strikes on energy plants dramatically escalated the U.S.-Israeli war on Iran.