Commodities
US Stock Futures Plummet as Iran Conflict Escalates
US stock futures tumbled on Monday after American forces launched airstrikes against Iranian targets in the Strait of Hormuz, marking the first military action in a month.
The Dow Jones Industrial Average and S&P 500 futures both fell by 0.2%, while Nasdaq futures slipped 0.1%. The US strike has also sent oil prices surging, with Brent crude jumping 3.4% to $91.10 per barrel and US benchmark crude oil trading 3.6% higher at $86.40 per barrel.
Stephen Innes of SPI Asset Management noted that the Middle East had experienced a brief lull in fighting, allowing oil traders to temper their expectations. However, Sunday's airstrikes shattered this calm, reminding market participants that quiet in the Strait of Hormuz does not equate to peace.