Commodities
US Strike on Iran Sends Oil Prices Soaring Amid Market Uncertainty
Asian markets retreated on Monday as investors digested the implications of US Federal Reserve Chairman Kevin Warsh's speech, which reinforced expectations that interest rates may soon rise.
The US strike on Iranian rocket launchers in the Strait of Hormuz also sent oil prices surging, with Brent crude jumping 2.9% to $90.61 per barrel and US benchmark crude oil rising 2.7% to $85.66 per barrel.
According to Stephen Innes of SPI Asset Management, the Middle East had finally gone quiet enough for oil traders to start removing 'war premium' from crude prices, but Sunday's developments changed that dynamic.