Oil Prices Soar Amid Escalating US-Iran Conflict

Oil prices rose 2.7% to $90.49 per barrel on Monday after the US military struck Iranian rocket launchers in the Strait of Hormuz, the first military action in a month.

The S&P 500 index fell 0.3%, while the Dow Jones Industrial Average dropped 0.7%

Energy stocks were among the few gainers, with Exxon Mobil rising 2.7% and Chevron up 2.1%

The US war with Iran has curtailed traffic in the Strait of Hormuz, which accounts for about 20% of the world's oil shipments