US Strike on Iran Sends Asian Markets Reeling, Oil Prices Soar

Asian and US markets retreated on Monday following a speech by Federal Reserve Chairman Kevin Warsh that reinforced expectations of a rate hike to combat inflation.

The Trump administration had shifted focus from military action to economic pressure, but Sunday's strike on Iranian rocket launchers marked a return to open conflict in the region.

Brent crude jumped 3.8% to $91.40 per barrel and US benchmark crude oil rose 3.8% to $86.58 per barrel as tensions escalated.

The S&P 500 futures fell 0.2%, while the Dow Jones Industrial Average declined by less than 0.1%