President Donald Trump, in conjunction with Israeli Prime Minister Benjamin Netanyahu, launched a military campaign against Iran earlier this month, drawing condemnation from European leaders and countermeasures from Spain and Italy. Trump subsequently threatened to cut off all trade with Spain after Madrid denied the United States access to its military bases for operations linked to Iran.

Asked whether he would consider reducing the number of U.S. troops stationed in Spain and Italy, Trump said, "Probably."

Italian Prime Minister Giorgia Meloni blocked U.S. bombers from using a Sicilian airbase for operations destined for the Middle East.

Spanish Prime Minister Pedro Sánchez posted on X, "We reject the unilateral military action by the United States and Israel," and warned against an "escalation" that could lead to a more "hostile international order." The day after that post, he called Iran's regime "hateful" and branded the campaign as "an unjustified and dangerous military intervention."

In a televised address, Sánchez said, "We are not going to be complicit in something that is bad for the world and is also contrary to our values and interests, just out of fear of reprisals from someone." After the U.S. agreed to a temporary ceasefire with Iran, he posted, "The government of Spain will not applaud those who set the world on fire just because they show up with a bucket."

French President Emmanuel Macron said Trump's approach to the war lacked seriousness and was a source of geopolitical instability.

Brent crude rose by more than 2% to $104 per barrel after Trump rejected Iran's response to U.S. peace proposals. Bond yields rose globally in part because higher oil prices pushed Brent crude above $104 per barrel.