Gas topped $4 daily in August for the first time. New U.S. strikes on Iran are sending oil prices even higher again

The price of oil rose and stocks fell on Wall Street Monday after the U.S. launched its first military action in a month against Iran.

The S&P 500 index fell 0.4%.

The Dow Jones Industrial Average fell 348 points, or 0.7%, as of 9:51 a.m.

Eastern time.

The Nasdaq fell 0.3%.

The losses were broad, with nearly every sector within the benchmark S&P 500 losing ground.

Energy stocks, though broadly gained ground.

Exxon Mobil rose 2.9% and Chevron rose 3%.

Markets were mixed in Europe and Asia.

GameStop jumped 4.2% after the video game retailer provided a preliminary second-quarter earnings outlook above its year-ago results.

Shares of Aon fell 5.8% as the company announced that it was buying insurance broker USI Insurance Services from private equity firm KKR in a deal valued at $17 billion, including debt.

U.S. forces struck Iranian rocket launchers on the Strait of Hormuz on Sunday.

Meanwhile, the United Arab Emirates said it intercepted an Iranian drone over its waters on Monday.

The aggressive actions follow a lull in activity in the U.S. war with Iran, which has lasted more than six months .