U.S. Stock Index Futures Slide After Oil Jumps on Drone Attack

(Bloomberg) — U.S. stock index futures dropped as global oil prices surged the most on record after a drone strike on a Saudi Arabian oil facility increased geopolitical risk concern.

S&P 500 Index futures expiring in December dropped as much as 0.8% as of 9:25 a.m. in Singapore. Contracts slumped 1.4% on the and declined 0.8% on the . soared as much as 19.5% and West Texas Intermediate added 15.5% after the news of the attack on the world’s largest crude exporter.

The Saudi Arabia attacks will likely hurt Asian stock markets today with the S&P e-mini futures already lower, Jeffrey Halley, a market analyst at Oanda Asia Pacific Pte, wrote in an email. “This story will continue to reverberate this week even after the knee-jerk panic in oil markets this morning.”

President Donald Trump said the U.S. is “locked and loaded depending on verification” that Iran staged the attack on major Saudi Arabian oil facilities. Several administration officials said Sunday that they had substantial evidence that Iran was behind the attack, not the Houthi rebels in Yemen who claimed responsibility.

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