Futures point to another day of steep declines for U.S. stocks, with war in the Middle East now in its fourth week and the prospect of further escalation hanging over markets.
Oil prices continued to rise Monday, with futures for Brent crude topping $113 a barrel. They are up more than 85% since the start of the year.
Gold plunged more than 6%, compounding on last week's steep declines on worries that higher inflation due to the conflict would keep interest rates elevated. The 10-year U.S. Treasury yield jumped above 4.4% as investors bet on rate hikes this year.
Over the weekend, President Trump set a deadline for Tehran to reopen the Strait of Hormuz by Monday evening, threatening to "obliterate" Iran's power plants if this doesn't happen. Tehran said it would respond in kind by targeting energy and desalination infrastructure across the region.
Already, at least 40 energy assets in the Middle East have been severely damaged since the war began.
Global stocks fell sharply, with major indexes in Asia down more than 3% and Europe's Stoxx 600 falling more than 1%.
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(END) Dow Jones Newswires
March 23, 2026 07:08 ET (11:08 GMT)
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