US Strike on Iran Sends Oil Prices Soaring Amid Global Economic Uncertainty

The global financial markets have taken a mixed stance following the US strike on Iranian rocket launchers in the Strait of Hormuz. The move has led to a surge in oil prices, with Brent crude rising by 3.4% to $91.10 per barrel and US benchmark crude trading 3.6% higher at $86.40 per barrel.

The increase in oil prices is attributed to the escalation of tensions in the region, which has led to concerns about a disruption in global oil supplies. 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.

In equities trading, GameStop surged over 5% before the market opened after providing a preliminary second-quarter earnings outlook above its year-ago results. The US job market is also expected to be a key focus this week, with the release of August jobs data. Labor Department revisions have already slashed another 103,000 jobs from May and June payrolls.