00:02We're already seeing the economic fallout. Oil prices are spiking after the U.S.-Israeli
00:07strikes on Iran and Iran's retaliation in the Strait of Hormuz. U.S. crude jumped roughly 12%
00:14in early trading Sunday night. Brent crude oil surged even more, up by 14%, pushing prices near
00:22$80 a barrel. That's an $8 move in a matter of hours. Stock futures are lower this morning ahead
00:28of the opening bell. Dow futures are down more than 500 points. S&P and Nasdaq futures are both
00:34off by about 1%. The flashpoint right now is the Strait of Hormuz, the narrow waterway that carries
00:41more than 20% of the world's oil supply. Missiles and explosives have struck at least two vessels
00:47near the strait. Shipping firms are now diverting tankers. Dozens of ships are anchored outside the
00:53passage rather than risk entering. Overnight, the conflict widened. Saudi Arabia says an Iranian
00:58drone struck an oil storage facility at the Rastanurah refinery, one of the kingdom's major
01:04export hubs. Operations were halted as a precaution after a small fire broke out. Officials say the
01:10fire was brought under control. Iran has warned ships not to pass through the strait. If traffic slows or
01:17stops, energy analysts say prices could rise quickly and that would show up at American gas
01:23stations within days. Every dollar move in crude typically adds about two and a half cents to a
01:29gallon of gasoline. At current levels, that could mean a 20-cent jump if this holds.
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