Shares advance, oil prices fall as markets shrug off Iran conflict

Global equity markets advanced on Monday even as oil prices fell but still traded near multi-month highs as markets shrugged off the effects of the US attacks on Iranian nuclear sites.

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Wall Street's main indexes were all trading higher, with 9 out of 11 of the benchmark S&P500 subsectors advancing. Energy equities were the biggest losers on the session.

The Dow Jones Industrial Average rose 0.17% to 42,279.55, the S&P 500 rose 0.48% to 5,996.40 and the Nasdaq Composite rose 0.61% to 19,565.74.

European shares were down 0.2%. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.66% overnight. MSCI's gauge of stocks across the globe rose 0.28%. Israel bombed Evin prison in northern Tehran on Monday, a potent symbol of Iran's governing system, and Revolutionary Guard command centers responsible for internal security in the Tehran area. Iran repeated earlier threats to retaliate against the United States. Its parliament approved the closure of the Strait of Hormuz, a major shipping lane in the global oil trade. "The market being higher signals a risk-on sentiment, which is somewhat surprising considering that we had a series of very volatile events over the weekend with US participation in the (Iran) bombing efforts with Israel," said Andrew Wells, chief investment officer at SanJac Alpha in Houston.