Oil prices rose and U.S. stock-index futures slipped on Sunday after the United States and Iran continued exchanging strikes near the Strait of Hormuz over the weekend, according to MarketWatch.
The Strait of Hormuz is one of the world's most critical chokepoints for oil shipments. Disruptions to transit through the strait can have immediate effects on global energy prices.
The latest flare-up sent oil prices higher as markets reacted to the renewed hostilities. U.S. stock-index futures moved lower in response.