"It would mean higher prices for all those goods transported by truck, and it would be more difficult for the Fed to lower interest rates."

US stocks closed near session highs on Monday while oil prices tanked after Iran launched missiles at a US air base in Qatar in what appeared to be a limited retaliation for US strikes against Iranian nuclear sites.

The price of oil jumped more than 2% and U.S. stock futures and Asian shares are down as global markets react to the American bombing of nuclear targets in Iran.