TSX futures slid Monday as investors grappled with escalating conflict in the Middle East. S&P/TSX index standard futures dropped 11 points, or 0.5%, by 06:25 ET as U.S. and Israeli strikes on Iran triggered market-wide risk aversion. The violence has spread beyond Iran, with Israel attacking Iran-backed Hezbollah targets in Lebanon.

Global stock markets reeled from the air strikes, which sparked Iranian retaliation across the Middle East. Oil prices surged 7.5% to $78.35 a barrel as concerns mounted over shipping through the Strait of Hormuz, which handles roughly a fifth of the world's daily oil supply. Safe-haven assets like gold climbed 2.0% to $5,382.50 an ounce.

U.S. stock futures fell sharply, with Dow Jones futures down 503 points and S&P 500 futures dropping 67 points. The conflict marks a major escalation after recent nuclear negotiations between Washington and Tehran stalled. President Trump warned operations against Iran will continue until objectives are achieved, while Iran's top security official declared the country will not negotiate with the United States.