US stock markets experienced a downturn, and oil prices surged on Monday due to conflicting reports about a strike on a US Navy vessel near Iran. While initial reports of the ship being hit caused oil prices to jump, the US military has denied the incident.

Wall Street dipped and oil prices jumped early on Monday on conflicting reports of a strike by Iran on a US Navy vessel outside the Strait of Hormuz. Futures for the S&P 500 were down 0.2 per cent before the opening bell, while futures for the Dow Jones Industrial Average lost 0.5 per cent. Nasdaq futures dipped 0.1 per cent. Oil prices initially jumped 5 per cent on the news that a US ship had been hit, but is now trading between 2 per cent and 3 per cent higher after the US military denied...