Oil soared in early trading in Asia due to rising tensions in the Middle East. Global benchmark crude oil rose 2% at the open after US military attacked, on Sunday, Iranian rocket launchers that were preparing to deploy mines in the Strait of Hormuz, ending weeks of relative calm in the region.
The American attack represented a significant escalation in the conflict in the Persian Gulf, marking the end of a period of relative tranquility in tensions between the United States and Iran.
The dollar held its gains after comments considered more hawkish from Federal Reserve President Kevin Warsh increased bets on an interest rate hike next month. S&P 500 futures retreated slightly after the spot index closed down 0.3% following these comments made last Friday. The dollar oscillated within a narrow range against major currencies.
