Oil futures surged Monday after the United States and Israel launched strikes against Iran over the weekend, with the conflict spilling over into the wider Middle East region.
US crude jumped 7.5%. Brent crude, the international benchmark, spiked 6.2% to trade at around $77 a barrel, having briefly surpassed $82 earlier in the trading session. Oil prices had already been rising in anticipation of an attack on Iran.
Meanwhile, stock futures fell. Futures for the S&P 500, the Nasdaq and the Dow were all down more than 1%. But Exxon and Chevron shares rose pre-market as high oil prices tend to boost oil companies’ profits.