US Stocks Plummet Amid Iran Conflict, Oil Prices Soar
US stocks fell on Monday after the US launched military action against Iranian sites in the Strait of Hormuz, but energy shares rose.
The S&P 500 index dropped 0.5%, while the Dow Jones Industrial Average plummeted 333 points or 0.6% by 1:20 pm Eastern time. The Nasdaq fell 0.4%. Energy stocks bucked the trend, with Exxon Mobil up 1.7% and Chevron gaining 1.5%.
Oil prices surged as a result of the conflict, with Brent crude rising 2.8% to $90.59 per barrel. The national average for gasoline in August has been above $4 per gallon every day this month, making it the most expensive August at the pump on record.
The US war with Iran has led to higher energy prices and increased inflation concerns, which are weighing on household spending and consumer confidence.