Stock Market Today: Oil Prices Surge; Dow Drops at Open

Oil prices surged and stocks dropped after U.S. and Israeli strikes on Iran showed signs of sparking a widening conflict across the Middle East.

The Dow industrials, S&P 500 and Nasdaq composite all fell early Monday.

Futures for Brent crude oil, the global energy benchmark, rose over 8%, fueled by fears of a protracted closure of the key Strait of Hormuz corridor and attacks on Mideast energy infrastructure. European gas futures surged, getting an extra boost after the world's largest liquified nautral-gas producer halted output.

European and Asian stocks largely sold off, with airlines posting particularly sharp losses. However, shares in oil, shipping and defense companies rallied, with Lockheed Martin and RTX both gaining over 4%.