US Stocks Slide as Iran-US Tensions Escalate Amid Oil Price Surge

The US stock market closed lower on Monday as investors digested the latest developments in the Iran-US standoff, with oil prices rising and Treasury yields climbing.

A senior Iranian official said that Iran has decided to shift its policy from defensive to 'fully offensive' after a few weeks, which could lead to increased tensions and instability in the region.

The move sent investors into risk-off mode, causing stocks to slide while oil prices rose. The US dollar also fell against major currencies.

Meanwhile, President Trump claimed that there are ongoing back channels with Iran's Revolutionary Guard Corps (IRGC), but the IRGC denied this claim.

In other news, Alibaba Group announced that it will sell its gaming unit for at least $1.5 billion to fund its AI push, while Diana Shipping withdrew its offer to acquire Genco due to unrealistic demands from the board of directors.