Asian shares and US futures retreated on Monday on expectations that the US Federal Reserve may raise interest rates soon. This was reported by Qazaqyia.kz citing Associated Press.
Oil prices surged about 3% after US forces struck Iranian rocket launchers on the Strait of Hormuz, marking their first military action in a month. The Trump administration just days earlier had shifted its focus to economic pressure, and a return to open conflict would be dangerous for the region.
Brent crude, the international standard, was up 2.9% at $90.61 per barrel early Monday. US benchmark crude oil jumped 2.7% to $85.66 per barrel.
"The Middle East had finally gone quiet enough for oil traders to start sanding some of the war premium," the analysis noted.