US crude futures rose by $5 (8%) to $72 per barrel as strikes on Iran began, while Brent crude initially climbed over 12% to about $82 before retreating below $80.

Futures for the S&P 500, Nasdaq and Dow fell approximately 1% in response to geopolitical tensions, while energy stocks like Exxon and Chevron rose around 2%.

Lockheed Martin and Northrop Grumman shares ticked up modestly as investors priced in potential increases in defense spending due to the regional conflict.