US markets plunged as US and Israel strikes on Iran triggered retaliatory attacks, spiking oil prices. Dow Jones fell 1.2%, S&P 500 dropped 1%.
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US markets came under sharp pressure on Monday as escalating tensions in the Middle East rattled investors, triggering a flight from risk assets and a spike in oil prices.
The selloff followed military strikes by the US and Israel on Iran, which were met with retaliatory attacks, sending shockwaves across global markets.
The Dow Jones Industrial Average fell 1.2%, or more than 500 points. The S&P 500 declined around 1%, while the tech-heavy Nasdaq Composite dropped roughly 0.4% as investors pared exposure to equities amid rising geopolitical uncertainty.
Energy prices spiked sharply as investors factored in the growing risk of a wider conflict in the Middle East.
US crude was up about 7.2% at 8:15 a.m. ET, trading near $71.84 per barrel. Meanwhile, global benchmark Brent crude climbed 7.8% to trade around $78.63 a barrel in early deals.