US Stocks Plunge as Crude Oil Prices Soar Over 6%

The US stock market is set to open lower on Monday, August 31, as crude oil prices surge over 6% due to escalating tensions between the United States and Iran in West Asia. The Dow Jones futures were trading 0.23% lower at 53,486 points ahead of the opening bell.

The S&P 500 index futures were trading 0.18% lower at 7,704 points, while the tech-heavy Nasdaq 100 futures were trading 0.16% lower at 29,445 points. The energy sector is in focus, with Chevron and Exxon Mobil shares expected to be affected by the rising oil prices.

The US Central Command confirmed that US forces carried out limited, precise action against IRGC minelaying forces posing an imminent threat in the Strait of Hormuz. Global crude oil prices surged more than 6% during the trading session on Monday, with benchmark Brent crude oil prices trading 5.9% higher at $91.25 per barrel.