U.S. confirmed that an airstrike killed Iran’s top military commander, sending oil prices surging and hiking geopolitical concerns. At around 8:25 a.m. ET, Dow Jones Industrial Average futures were down 227 points. S&P 500 and Nasdaq 100 futures also pointed to sharp losses at the open.
U.S. crude oil futures shot up around 3.5% to $63.30 per barrel, raising concerns about an energy shock on the global economy. Airline stocks fell broadly on the threat of higher oil prices. United, American and Delta all dropped more than 2% in the premarket.
Investors largely fled risk assets such as stocks in favor of gold and Treasurys and other traditional safe havens. Gold futures jumped 0.8% to $1,541.50 per ounce. The benchmark 10-year Treasury yield, which moves inversely to the price, dropped to around 1.83%.