Oil prices shot up again because of the war with Iran, tightening their grip on the global economy and sending stock markets sharply lower.

Oil prices are down, and stocks are up, though such moves have been quick to change since the war in Iran began.

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

The Dow lost as many as 1,160 points Thursday before finishing the day with a drop of 784, or 1.6%.

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.

President Trump said Saturday that he would charge a 10% import tax starting in February on goods.