US-Iran Tensions Spark Market Slide Amid Rising Oil Prices

Stocks took a hit on Wall Street as oil prices continued to rise following the US military's strike against Iranian sites in the Strait of Hormuz.

The S&P 500 index fell by 0.3%, while the Dow Jones Industrial Average dropped 0.7% and the Nasdaq composite slipped 0.1%.

The increase in oil prices has led to higher energy costs, which have been driving inflation rates above the Federal Reserve's 2% target.

As a result, the Fed is expected to raise interest rates at least once before the year ends in an effort to cool inflation.