Stocks tumbled and the dollar rallied as military strikes intensified across the Middle East, sending oil to its biggest surge in four years and stoking concern that faster inflation could weigh on the global economy.
S&P 500 futures slid 1%, with benchmarks in Asia and Europe notching even bigger declines. Brent crude jumped around 8% above $79 a barrel as the war effectively shut the Strait of Hormuz — a vital artery off Iran’s coast that carries about a fifth of the world’s oil. In Europe, liquefied natural gas surged 52% after Qatar halted output at the world’s biggest export plant.