Commodities
US Military Strikes Iranian Sites, Oil Prices Soar
The US military launched an attack on Iranian sites in the Strait of Hormuz on Sunday, leading to a surge in oil prices and a decline in US futures.
The price of Brent crude rose by 2.8%, reaching $90.58 per barrel on Monday, while the S&P 500 index fell 0.4% and the Dow Jones Industrial Average dropped 305 points, or 0.6%
The losses were broad across various sectors, but energy stocks gained ground, with Exxon Mobil rising 1.5% and Chevron increasing by 1.4%
The US-Iran conflict has curtailed traffic in the Strait of Hormuz, which accounts for about 20% of the world's oil shipments, contributing to high oil prices and inflation