US Stock Market Today | Dow Jones | Nasdaq Live: Dow surges 500 pts, S&P, Nasdaq jump 1% as Mideast war hurts oil prices

Oil prices fell on Monday amid ​attacks on Gulf oil production and U.S. President Donald Trump’s call for global efforts to secure the Strait of Hormuz.

Brent crude futures were down 92 cents at $102.22 a barrel by 1248 GMT while U.S. West Texas Intermediate crude was down $3.45, or 3.5%, to $95.26.

Both contracts have surged more than 40% this month to their highest since 2022, after the ‌U.S.-Israeli attacks on Iran prompted ⁠Tehran ⁠to halt shipping through the Strait of Hormuz, a critical waterway for a fifth of global oil and LNG supplies.

The United Arab Emirates’ daily oil output is down by more than ​half as the Iran conflict and the effective closure of the Strait of Hormuz forced state oil giant ADNOC to implement widespread production shut-ins, two sources told ​Reuters.