Stocks Tumble Amid Escalating Iran Tensions as Oil Prices Soar

US stock futures plummeted by around 400 points on Tuesday amid escalating tensions between the US and Iran, leading to a surge in oil prices.

Brent crude approached $100 per barrel for the first time since July, with prices rising by approximately 2.3% to nearly $99.20 per barrel.

This increase has reignited concerns about persistent inflation, which is already at 3.4%. Government bond yields also climbed, with the 10-year Treasury yield increasing 2 basis points to 4.81%.

The decline in futures was exacerbated by Amgen's 5% premarket drop due to disappointing trial results from a competitor, weighing on the Dow Jones Industrial Average.