U.S. futures slump, oil surges 8%+ on Iran conflict; markets eye Hormuz disruption risk

Oil jumped over 8% (Brent to $79.48, WTI to $72.51) as the U.S.-Iran conflict escalated, raising fears of Strait of Hormuz closures that could disrupt 20% of global crude flows. Stock futures tumbled (Dow -551 pts). Traders priced in inflation risk and potential Fed hawkishness if oil stays elevated. Expect continued volatility in energy, indices, and safe havens like gold until geopolitical clarity emerges.