Commodities
US-Iran Conflict Sends Global Markets into Turmoil
The US military's strike on Iranian sites in the Strait of Hormuz has sent shockwaves through global markets, causing stocks to plummet and oil prices to soar.
The Dow Jones Industrial Average fell 0.7% while the S&P 500 index dropped 0.3%. The Nasdaq composite slipped 0.1%, its fifth-straight monthly gain erased.
Oil prices rose sharply, with Brent crude increasing 2.7% to settle at $90.49 per barrel on Monday. This surge in oil prices has pushed the national average for gasoline above $4 per gallon every day of August, making it the most expensive month ever.