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The Independent UK
The Independent UK
National
Stan Choe

US stock market slips and oil prices leap as Iran crisis sparks inflation fears

Oil Inflation Pete Hegseth Gas Prices Middle East Natural Gas
  • Oil prices surged over 6% and global stock markets declined Monday following the Middle East conflict.
  • Higher crude and natural gas prices sparked inflation fears, impacting consumer spending and specific sectors like airlines and cruise lines.
  • Investors sought safety in gold, while Treasury yields rose, potentially complicating future interest rate decisions.
  • Defense Secretary Pete Hegseth downplayed the conflict's longevity, as analysts noted oil prices remain below levels for sustained market impact.
  • Oil and defense companies saw gains, contrasting with losses across most European and Asian markets.
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