Iran Strike Sends Shockwaves Through Global Markets

US military actions against Iran sent shockwaves through global markets on Monday. The S&P 500 index fell 0.3%, while the Dow Jones Industrial Average dropped 0.7% and the Nasdaq composite slipped 0.1%. Energy stocks bucked the trend, however, with Exxon Mobil rising 2.7% and Chevron increasing by 2.1%

The US strikes against Iranian rocket launchers on the Strait of Hormuz have curtailed traffic in this key oil shipping route, driving up prices. The price of Brent crude rose 2.7% to $90.49 per barrel, a significant increase from its recent dip below $80

The national average for gasoline has been above $4 per gallon every day in August, making it the most expensive month at the pump on record.