US-Iran Conflict Sends Stocks Plummeting Amid Oil Price Spike

The US military's attack on Iranian sites in the Strait of Hormuz led to a decline in stocks and an increase in oil prices, marking a significant development in the ongoing conflict.

The Dow Jones Industrial Average dropped by 0.7% as nearly every sector within the S&P 500 finished in the red, while energy stocks notched gains with Exxon Mobil rising 2.7% and Chevron increasing by 2.1%.

Oil prices also surged, with Brent crude rising 2.7% to settle at $90.49 per barrel on Monday. This has led to higher energy costs for consumers, who are already facing stubbornly high inflation rates above the Federal Reserve's target of 2%.