US Strike on Iran Sends Oil Prices Soaring and Stocks Plummeting

The US military's strike on Iranian sites in the Strait of Hormuz has led to a surge in oil prices and a decline in stocks. The S&P 500 index fell 0.3%, while the Dow Jones Industrial Average dropped 0.7%.

Energy stocks, however, saw gains, with Exxon Mobil rising 2.7% and Chevron increasing by 2.1%. The price of Brent crude oil rose 2.7% to settle at $90.49 per barrel on Monday.

The high energy prices have fueled inflation concerns, which are already above the Federal Reserve's target rate of 2%. Wall Street expects the Fed to raise interest rates before the year ends in an effort to cool inflation.