Oil prices soar and stock prices fall as US-Israel war with Iran rattles markets

"The U.S. and Israeli attacks on Iran rattled world markets on Monday, with U.S. futures falling more than 1% and oil prices soaring, though gains for defense contractors and oil companies helped limit losses in Asian trading. The futures for the S&P 500 and Dow Jones Industrial Average sank 1.7%."

"The price of a barrel of U.S. benchmark jumped 9% to $73 per barrel. Brent crude jumped nearly 10% to nearly $80 per barrel. European markets opened sharply lower. Germany's DAX dropped 2.2% to 24,737.47, while in Paris the CAC 40 lost 1.9% to 8,413.91."

"The price of gold, which usually is viewed as a safe haven for investment in times of uncertainty, rose 3.4% to about $5,426 per ounce. The U.S. dollar also gained, rising to 157.20 Japanese yen from 156.27 yen late Friday. The euro slipped to $1.1708 from $1.1762."

U.S. and Israeli military actions against Iran triggered significant market disruptions globally. U.S. stock futures declined 1.7%, while oil prices surged dramatically, with U.S. benchmark crude jumping 9% to $73 per barrel and Brent crude rising nearly 10% to $80. European markets opened sharply lower, with Germany's DAX dropping 2.2% and France's CAC 40 falling 1.9%. Most Asian markets declined, though Shanghai rose 0.5% as higher oil prices boosted Chinese oil company stocks. Defense-related stocks in Japan advanced, offsetting broader losses. Gold prices increased 3.4% as investors sought safe-haven assets. The U.S. dollar strengthened against the yen and euro. India's market fell 2.1% due to potential oil supply disruptions.

Read at ABC7 Los Angeles