American forces have started their ninth consecutive night of strikes against Iranian targets. These operations follow Iranian missile strikes that killed two U.S. service members and left a third presumed dead, marking the first American deaths from hostile fire since April.
As trading resumed on Sunday, Brent crude, the global benchmark for oil, rose more than 3 percent. Meanwhile, S&P 500 futures remained essentially unchanged.
Analysts warn that the oil market may be underestimating the risk to supply resulting from the latest escalation.