US-Iran Conflict Sparks Oil Price Surge and Market Volatility

The US military launched strikes against Iranian sites in the Strait of Hormuz on Sunday, causing oil prices to rise and stocks to fall on Wall Street.

As a result, the price of Brent crude rose 2.8% to $90.58 per barrel on Monday. The Strait of Hormuz is responsible for about 20% of the world's oil shipments, which has been curtailed due to the ongoing US-Iran conflict.

The S&P 500 index fell 0.4%, while the Dow Jones Industrial Average dropped 305 points or 0.6%. Energy stocks gained ground, with Exxon Mobil and Chevron rising 1.5% and 1.4% respectively.

However, Edison International and PG&E plummeted 22.8% and 19.9% as insurers are set to sue utilities over related claims in California wildfire legislation.