Commodities
Oil Prices Soar as US Launches Military Action Against Iran
The price of oil has increased after the US military conducted an attack on Iranian rocket launchers in the Strait of Hormuz, marking the first military action against Iran in a month.
The S&P 500 index fell by 0.4%, while the Dow Jones Industrial Average dropped 348 points, or 0.7%, as of 9:51 am Eastern time. The Nasdaq also declined by 0.3%.
The increase in oil prices may be attributed to the heightened tensions between the US and Iran, which have been escalating since the US withdrew from the nuclear deal last year. This development has led to concerns about a potential conflict in the region, which could disrupt global oil supplies.