US-Iran Conflict Sends Oil Prices Soaring as Stocks Fall

The US military's attack on Iranian sites in the Strait of Hormuz has sent shockwaves through global markets. The price of oil rose by 2.7% to $90.49 per barrel, while stocks fell, with the S&P 500 index down 0.5%. The Dow Jones Industrial Average and Nasdaq also declined, but energy stocks like Exxon Mobil and Chevron gained ground.

The US-Iran conflict has had a significant impact on global trade, with the Strait of Hormuz accounting for around 20% of the world's oil shipments. The war has led to higher energy prices, fueling inflation and weighing on household spending and consumer confidence.

Wall Street is expecting the Federal Reserve to raise interest rates in an effort to cool inflation, which remains above 3%. However, this could have a negative impact on the jobs market, which has been showing signs of weakening. The US job market stalled unexpectedly in July, with employers cutting 23,000 jobs.

Markets were mixed in Europe and Asia, but the US attack on Iranian sites has added to concerns about global trade and economic growth.