Stock markets reacted strongly as oil prices surged past $100 per barrel due to escalating war tensions in Iran. US crude futures rose 14.7%, while Brent futures hit $104 per barrel. The Dow, S&P 500, and Nasdaq futures all dropped significantly, reflecting concerns about potential inflation in the US. The average price of gasoline in America also spiked to $3.45 a gallon, up 16% from the previous week, following the events in Iran.