Iran-US Conflict, Oil Surges 7%, Stocks Drop

1. Iran has threatened to retaliate soon against a U.S. military attack on its commercial ship, drastically increasing geopolitical tensions.
2. Crude oil prices surged over 7% after the Strait of Hormuz was reportedly closed again, with Brent crude hitting $97.50 per barrel.
3. Equity markets reacted negatively as S&P 500 futures fell 0.9% and Nasdaq 100 futures dropped nearly 1% amid risk-off sentiment.