US Strike on Iran Sends Global Markets Reeling

The global markets reacted to the US strike on Iranian rocket launchers in the Strait of Hormuz, with American futures declining 0.2% and oil prices surging more than 3%.

Brent crude jumped 3.4% to $91.10 per barrel, while U.S. benchmark crude oil was trading 3.6% higher at $86.40 per barrel.

This escalation in tensions has put pressure on the global economy, with gasoline prices reaching a record high of over $4 per gallon in August, according to the AAA.

In equities trading, GameStop surged more than 5% after providing a preliminary second-quarter earnings outlook above its year-ago results.

Meanwhile, the U.S. job market is set for a report this week, following a stalled July with employers cutting 23,000 jobs, and revisions slashing another 103,000 jobs from May and June payrolls.