Oil Prices Rise and Futures Fall Following US Attack on Iran
Energy costs gained upward momentum following military activity in the Strait of Hormuz, while a cautious trend prevailed on global stock exchanges.
The military attack carried out by the United States against Iranian targets in the Strait of Hormuz broke the lull in the conflict continuing for over six months and caused volatility in global markets.
Decline in US Futures
According to data released on Monday, S&P 500 and Dow Jones Industrial Average futures contracts recorded a 0.2 percent drop.
Futures on the tech-heavy Nasdaq index experienced a limited decline of 0.1 percent.
Oil Prices Increase by Over Three Percent
Following Sunday's attack, a sharp climb was observed in global oil markets, with prices increasing by more than 3 percent.
The barrel price of Brent crude gained 3.4 percent on Monday to rise to $91.10.
Meanwhile, the US benchmark crude was trading at $86.40 with a 3.6 percent increase.
Current Status in European and Asian Stock Markets
In the European market, Germany's DAX index lost 0.8 percent while the CAC 40 index also followed a downward trend.
While financial markets in the UK remained closed due to an official holiday, a mixed picture was seen in Asian markets.
Corporate Developments and Business Moves
GameStop shares gained over 5 percent in pre-market trading following the release of preliminary second-quarter earnings expectations.
Aon announced that it is acquiring USI Insurance Services, which is under KKR, in a major $17 billion deal.