US-Iran Tensions Spark Oil Price Surge Amid Stock Market Downturn

The US launched military action against Iran in the Strait of Hormuz on Sunday, prompting oil prices to rise and stocks to fall on Wall Street.

Oil prices rose 3.2% to $90.91 per barrel, with Brent crude being the international standard. The national average for gasoline has been above $4 per gallon every day in August, making it the most expensive month at the pump on record.

The attack on Iranian rocket launchers and an intercepted drone by the UAE have heightened tensions between the US and Iran. The war has curtailed traffic in the Strait of Hormuz, which accounts for about 20% of the world's oil shipments.