Oil prices tumbled $5 a barrel, or over 6%, on Monday after Iran attacked a U.S. military base in Qatar in retaliation for U.S. attacks on its nuclear facilities at the weekend, and took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz.

Oil prices surged 2.6 percent and U.S. stock futures fell after American airstrikes over the weekend targeted three Iranian nuclear facilities.

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.