U.S. stocks fell for the third straight session as military strikes around the Strait of Hormuz caused a spike in oil futures and bond yields.

The Dow Jones Industrial Average dropped 224.59 points, or 0.8%, to 28,425.66, while the S&P 500 declined 0.9% to 3,271.40. The Nasdaq Composite fell 1.1% to 9,125.28.

Oil futures surged past $65 a barrel as investors worried about supply disruptions in the Persian Gulf. The 10-year Treasury yield rose to 1.92%, its highest level in two weeks.

Analysts said the escalation between the United States and Iran has renewed concerns about global energy security and trade routes.