Oil Prices Soar, Stocks Plummet After US-Iran Conflict Escalates

The US military's attack on Iranian sites in the Strait of Hormuz has sent oil prices soaring and stocks tumbling on Wall Street. The S&P 500 index fell 0.5%, with nearly every sector within it losing ground, except for energy stocks.

Exxon Mobil rose 2% and Chevron gained 1.9%. However, Edison International plummeted 22.8% and PG&E fell 19.9% after reports emerged about potential California wildfire legislation that would allow insurers to sue utilities over related claims.

The price of Brent crude, the international standard, rose 2.7%, reaching $90.49 per barrel on Monday. This is a significant increase, following an initial surge earlier in the war and making everything from gasoline to shipped goods more expensive.