Surging oil prices jolted other financial markets, as share benchmarks in Japan and South Korea plunged more than 5%.

The S&P 500 dropped 1.6% after a report showed U.S. employers cut more jobs last month than they created.

Worries are particularly high about what will happen to the Strait of Hormuz off the coast of Iran, where roughly a fifth of the world’s oil passes.

Past military conflicts in the Middle East have not caused long-term drops for markets.