Stocks slide, oil climbs on fears of an energy shock from the Iran conflict

Global markets plunged for a third day as investors fretted over the economic fallout from the war in Iran. The reaction stood in contrast to how markets held up after US strikes on Venezuela and the Greenland crisis earlier this year. "But the exception is when the geopolitical event has a macro channel to affect markets, and events in Iran are a prime example of that," wrote Henry Allen, a macro strategist at Deutsche Bank, and Goldman Sachs CEO David Solomon warned markets may take weeks to fully digest the conflict's economic impact.

Asian stock markets fell sharply on Wednesday, with South Korea's Kospi plunging over 12% after tripping a circuit breaker and the won sliding to a 17-year low. Japan's Nikkei 225 dropped more than 4% while Hong Kong's Hang Seng slid over 3%. US futures were also lower at 12:02 a.m.

ET: S&P 500 futures 6,788.75, down 0.5%; Dow futures 48,369.00, down 0.4% (–179.82 points); Nasdaq futures 24,575.75, down 0.7%.

Iran, Asia

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