Commodities
Oil Prices Soar as US Strikes Iranian Sites
US stocks fell sharply on Monday after the US launched military action against Iranian sites in the Strait of Hormuz.
The S&P 500 index dropped 0.5%, while the Dow Jones Industrial Average fell 333 points, or 0.6% as of 1:20 pm Eastern time.
Oil prices surged after the US strike, with Brent crude rising 2.8% to $90.59 per barrel.
The move weighed on consumer confidence and household spending, as higher energy prices fueled stubbornly high inflation.
Fed Chair Kevin Warsh said that inflation is still too high and suggested a rate hike might be necessary in the coming months.