U.S. Oil Prices Rise After U.S.-Iran Military Strikes

U.S. oil prices rose more than 3% on Monday after the United States and Iran engaged in a direct exchange of military strikes in the Middle East. This event marks the first direct engagement between the two nations since July. The escalation triggered premarket gains for several major energy companies, including Exxon Mobil, Chevron, Occidental Petroleum, Valero Energy, and Halliburton.

Other market movements occurred simultaneously in the insurance and utility sectors. Aon shares dipped 1.8% following the company's announcement of a $17 billion deal to acquire USI Insurance Services from KKR. Meanwhile, PG&E saw a 16% drop in premarket trading after California lawmakers rejected a proposal intended to limit the company's wildfire liability payouts.