AP
Financial Markets Wall Street
Justin Kanda works on the floor at the New York Stock Exchange in New York, Monday, March 2, 2026.
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Global markets are slumping and oil prices soared to levels not seen in more than a year as Iran launched a series of retaliatory attacks, including a drone strike on the U.S. Embassy in Saudi Arabia. U.S. futures are down sharply Tuesday with the S&P 500 and the Dow Jones Industrial Average falling 1.7%. Benchmark U.S. crude jumped 8.6% to $77.36 a barrel. Gas prices were already rising before the U.S. struck Iran as refiners switch over to summer blends of fuel. The average price for a gallon of gasoline in the U.S. jumped 11 cents overnight to about $3.11, according to data from motor club AAA.
