Majorca, Ibiza and Menorca issued Iran tourism warning - ‘there will be consequences'
US and Israeli attacks on Iran could have serious impacts in the Balearic Islands, experts have warned.
The continuation of attacks on Iran could have a serious knock-on effect in the Balearic Islands, experts have warned. "If the conflict between the US, Israel and Iran continues, there will be consequences for the Balearics," particularly regarding the archipelago's economy, they said.
In fact, in the early hours of Monday (March 2), alone, the Spanish islands' economy had already risen sharply, by up to 13%, before moderating to a 6% increase. The upward trend was expected to continue throughout the day, due to the threat of closure of the Strait of Hormuz, whose ships carry around one-fifth of global oil supplies - approximately 20 million barrels per day. Luis García Langa, director of Markets at SDC Analistas, stated that "the initial impact is negative", arguing that "the possible closure of the Strait of Hormuz by Iran, as well as other routes that may be controlled by the Iranians, could cause a significant rise in the price of oil.
"Thirty per cent of the oil that reaches the rest of the world passes through there," he added, reported the Majorca Daily Bulletin.
However, he highlighted that on Sunday (March 1), OPEC+, led by Saudi Arabia and Russia, announced that it would increase crude oil production by 206,000 barrels per day, "in view of the stable outlook and low oil reserves," without mentioning the war with Iran, which is keeping the markets on edge.
Pau A. Monserrat, member of the CES, professor at the UIB and economist at Futur Legal, added that "the increase in the price of oil would have a direct impact on airline costs and, therefore, on what it would cost a tourist to come to the Balearic Islands".
In his view, "this would be unfavourable to our interests". However, he noted that for this to happen, the conflict would have to be prolonged, and currently, "it is still too early to make predictions".
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However, Mr Langa admitted that the rise in fuel prices could also have positive consequences for the Balearics.
"Iranian attacks on areas with a certain tourist connection could, in the best-case scenario, lead to more tourists coming to the Balearics because it is a peaceful area.
"We have no shortage of tourists with low purchasing power, but high-quality tourism that goes to Dubai or Qatar could be diverted to the islands," he added.
The Balearic Islands, consisting of Majorca, Menorca, Ibiza and Formentera attract high volume of tourists each year, particularly during the summer months, exceeding 12 million by late 2024. Dubai, meanwhile, is a year-round, top-ranked city destination with over 13.9 million international visitors in just the first nine months of 2025.
