Oil prices rose and U.S. stocks fell after American forces struck Iranian rocket launchers on the Strait of Hormuz, marking the first military action in a month.

U.S.-Iran tensions escalated near the Strait of Hormuz as Iran retaliated for U.S. strikes on Larak Island, pushing Brent crude above $89.

U.S. futures are falling as American forces struck Iranian rocket launchers on the Strait of Hormuz, marking their first military action in a month