Dow Futures plunge 800 points as Iran conflict sparks oil price surge

Wall Street faced a dramatic selloff Tuesday, March 3, as Dow Jones Industrial Average futures saw its worst decline in months.

Dow Futures tumbled more than 900 points with worse conditions expected in coming days investors bracing for extended military conflict between United States and Iran that can potentially destabilise global energy supplies.

Futures tracking the Dow dropped 1.8% (around 822 points), while S&P 500 futures dropped 1.6%. Additionally, Nasdaq 100 futures plunged 2.5% in premarket trading.

The decline in the market continued by Monday as geopolitical fears arose following the killing of Supreme Leader Ayatollah Ali Khamenei by U.S.-Israel strikes.

Beyond, stock markets Brent crude rose to 9%, touching $85 per barrel while West Texas Intermediate raised more than 8%.

Due to the uncertain geopolitical situation, technology stocks also experienced declines. Nvidia fell 2.9%, Microsoft dropped 1.64% and MongoDB plunged 26.9%.

Oil sensitive industries including airlines and cruise operators tumbled around 3%.

European markets also mirrored the similar outlooks with Germany’s DAX sliding 3.4% and the UK’s FTSE 100 falling 2.6%.