US Stock Futures Fall, Oil and Gold Surge on Iran Conflict

TigerMar 2, 2026 12:18 AM

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US equity-index futures opened lower and crude oil jumped as the escalating war in the Middle East jolted global markets. Gold rose 1.6%.

Contracts for the S&P 500 Index dropped almost 1% and those for the Nasdaq 100 fell 1.2% at the open. Shares in Australia also opened lower as traders shifted away from risk. Brent crude oil surged 13% to $82 a barrel at the open.

The US dollar surged and the Swiss franc edged higher against major peers in early trading, while the Australian dollar led risk-sensitive currencies lower. Australian and New Zealand government bonds rallied when their respective markets opened.

Shaken by fresh anxieties over artificial intelligence and potential cracks in credit, all while trading at historically high valuations, stock markets now must contend with a spiraling military action in Iran and the broader region that threatens to destabilize global shipping and limit travel. The impact on oil and inflation is a paramount concern in markets that last month saw US stocks post their worst drop since April.

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