US stock futures tumbled Monday while oil prices surged after military strikes by the US and Israel on Iran jolted global markets. Dow Jones Industrial Average futures sank 1%, or over 500 points. Contracts on the S&P 500 also lost 1%, while Nasdaq 100 futures dived 1.4% as the escalating Middle East conflict spurred a retreat from risk assets.

Oil prices jumped sharply, with Brent crude futures surging 13% to top $82 a barrel before moderating to around 10% gains. West Texas Intermediate futures traded just above $73, up around 9%. While Iran is OPEC's fourth-largest producer, markets are also bracing for sustained disruption in the key Strait of Hormuz, where tanker traffic is at a standstill.

Elsewhere, gold jumped to top $2,400 an ounce as investors sought safe havens, even as the dollar rose. Treasury yields moved higher as markets cut back bets on interest-rate cuts amid inflation concerns. The S&P 500 closed February in negative territory as renewed volatility in AI and software names rattled markets. Economists expect the US to have added 60,000 jobs in February, down from January's stronger-than-expected 130,000 gain.