Stock index futures in green after U.S. strikes sites in Iran. Walmart-backed PhonePe reportedly seeking $1.5 billion in IPO. Texas governor signs law mandating warnings on certain foods.

Iran and Israel's air war, which began on Friday when Israel attacked Iran's nuclear facilities, has raised concerns that the conflict could create bottlenecks for oil exports from the oil-rich Middle East.

As markets grapple with existing price pressures from Donald Trump's tariffs, the oil price volatility adds a new layer of inflation concerns.

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.

Global markets appeared to take the U.S. strike against nuclear targets in Iran in stride as investors watched to see how Iran will react. The price of oil initially jumped more than 2% but fell back slightly on Monday.

Oil futures declined and U.S. stock indexes rose despite fears Iran will close the Strait of Hormuz, a key waterway for transporting oil around the world.