Business
Stock Markets Slump, Oil Prices Surge on Iran Conflict. Futures Drop.
Stock futures tumbled and oil prices surged early Monday as the conflict in the Middle East shook up global markets.
Futures tracking the Dow Jones Industrial Average shed 566 points, or 1.1%. S&P 500 futures also dropped 1.1%, and contracts tied to the tech-heavy Nasdaq 100 plunged 1.4%.
Oil was rallying as traders worried that the war in Iran would disrupt traffic through the Strait of Hormuz. The Brent international benchmark gained 9.1% to trade at $79.48 a barrel, and West Texas Intermediate U.S. crude jumped 8.2% to $72.51 a barrel.