US Oil Prices Soar as America-Iran Tensions Escalate

Oil prices in the US have risen following the recent conflict between America and Iran. The increase has seen Brent crude rise by 2.5% to above $90 a barrel on Monday. This comes after American forces struck down Iranian rocket launchers in the Strait of Hormuz, marking the first military action in a month.

The rising oil prices have coincided with falling stocks, with the S&P 500 and Dow Jones Industrial Average seeing significant drops. The S&P 500 fell by 0.4%, while the Dow Jones dropped 348 points or 0.7%.