US Strike on Iranian Rocket Launchers Sends Oil Prices Soaring

Stock markets in Europe and Asia were mixed on Monday following the US Federal Reserve's hints at raising interest rates. The DAX in Germany lost 0.9% to 26,339.04, while the CAC 40 in Paris edged 0.1% lower to 8,390.43. In contrast, the Shanghai Composite index gained 0.9% to 3,986.30.

Oil prices surged more than 3% after US forces struck Iranian rocket launchers on the Strait of Hormuz, marking their first military action in a month. Brent crude jumped 3.8% to $91.40 per barrel, while U.S. benchmark crude oil was trading 3.8% higher at $86.58 per barrel.

Stephen Innes of SPI Asset Management noted that the Middle East had 'finally gone quiet enough for oil traders to start sanding some of the war premium out of crude.' However, Sunday's attack brought a reminder that peace is not guaranteed in the region.