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.

Stock futures edged higher and benchmark oil prices were on course for modest gains Monday, with investors seemingly not too fazed by the U.S. bombing of nuclear sites in Iran. Futures tracking the Do