Commodities
Iran Conflict Sends Oil Prices Soaring, Stocks Plunging
The US military's attack on Iranian sites in the Strait of Hormuz has caused oil prices to rise and stocks to fall on Wall Street. The S&P 500 index fell 0.5%, with nearly every sector within the benchmark in the red, except for energy stocks which gained ground.
Oil prices remain high due to the ongoing conflict, which has curtailed traffic in the Strait of Hormuz and made everything from gasoline to shipped goods more expensive. The price of Brent crude rose 2.7% to settle at $90.49 per barrel on Monday.
The national average for gasoline in August has been above $4 per gallon every day of the month, making it the most expensive August at the pump on record.