Oil futures are selling off following Iran's missile attack on a U.S. military base in Qatar, with benchmark U.S. prices falling by as much as 5% in afternoon trading. The sharp decline is a sign that traders believe that Iran's retaliation for the U.

Oil prices surged during late Sunday trading after the US launched strikes on three Iranian nuclear Saturday evening in a major escalation of the Iran-Israel conflict.

NEW YORK (AP) — The price of oil rose and U.S. stock futures fell as global markets react to the U.S. strike against nuclear targets in Iran. The price of Brent crude oil, the international standard, rose 3.9% to $80 a barrel. U.S. crude rose 4.3% to $77 a barrel. Futures for the S&P 500 fell 0.6%. Treasury yields fell slightly.