Stocks fall, oil prices spike after Iran strikes

The stock market opened with losses Monday as oil prices spiked in the wake of U.S. and Israeli strikes on Iran.

The Dow Jones Industrial Average was down more than 400 points, falling 0.9 percent shortly after the market opened. The S&P 500 index was down 0.6 percent, and the Nasdaq composite was down 0.7 percent.

Stock futures fell throughout the weekend after the U.S. and Israel bombed several key Iranian government and military facilities, killing Iranian Supreme Leader Ayatollah Ali Khameni.

Iran responded with strikes targeting Israel, U.S military bases throughout the region and infrastucture in U.S.-friendly neighboring countries.

Iran’s threat to close the Strait of Hormuz and fears of a broader war in Middle East sparked a steep increase in oil prices

The price of a barrel of West Texas Intermediate crude for April delivery was more than $71 by Monday morning, up 6 percent over the past day.

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