Oil prices rose after the U.S. launched military strikes against Iran, raising concerns that renewed clashes may threaten shipping through the Strait of Hormuz.

Oil prices and stock markets worldwide swung through a shaky Monday with uncertainty about what will happen with the Iran war. The S&P 500 swiveled between gains

Oil markets jolted higher Monday after Iran threatened to shut the Strait of Hormuz amid escalating tensions in the Middle East. West Texas Intermediate crude surged 7% to about $94 a barrel and Brent climbed 6% to roughly $97,

U.S. Central Command said Tuesday that it had defeated multiple Iranian ballistic missiles following "attempted attacks" by Iran.

President Donald Trump told reporters fuel prices are "not very high, relatively speaking." Since the Iran war began, gas prices are up nearly 40%.

U.S. markets hovered near all-time highs Monday and oil rose more than 2% after President Donald Trump appeared to dismiss Iran’s response to a U.S. peace plan. Futures for the S&P 500 were essentially unchanged,

President Donald Trump has repeatedly said a deal with Tehran to reopen Hormuz is close, but such an agreement still has not materialized.