Stocks Sell Off as US Attack on Iran Drives Oil Prices Higher
Gold rallies, oil prices surge as Strait of Hormuz all but closed to shipping.
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For investors, only the Iran war matters for now — looking beyond the human toll, they’re trying to price in how long it lasts and how much it curbs the global economy.
Most financial markets have behaved as might be expected after the dramatic weekend events: Airline stocks slumped on the prospect of higher fuel costs and travel disruption, defense stocks rallied and havens such as gold jumped. US Treasuries were a surprise (see below).
Of note: