The sharp pullback came as global investors reacted to headlines of escalating military conflict in the Middle East, with Israel and Iran trading lethal missile barrages. US crude climbed 1.21% to $72.64 per barrel, extending gains from last week as markets priced in potential disruptions to energy supply chains.

US stock futures fell with investors on edge as Israel and Iran continued to trade strikes against a backdrop of shifting US trade policy and stubborn interest rates.

The Dow Jones dropped Tuesday as Trump left the G7 summit to deal with the Israel-Iran conflict. Circle stock surged.

U.S. futures for the S&P 500 were down 0.6% and futures for the Dow Jones Industrial Average declined 0.7%. Changes in futures do not necessarily predict movements after the opening bell.

U.S. stocks appear set for a positive opening on Monday as the ongoing Israel-Iran conflict spared crude oil capacity over the weekend, resulting in oil prices simmering down. Crude oil prices surged by nearly 13% on Friday as Israel and Iran broadened their strikes.

Stock futures fell sharply early Thursday, pointing to a rocky open as Wall Street grapples with a tragic plane crash involving Dow component Boeing (BA) and digests a blockbuster earnings report from software giant Oracle (ORCL).

S&P 500 futures moved lower on Thursday evening ahead of a key jobs report that is expected to shed light on the health of the U.S. economy. S&P 500 futures ticked down 0.2%. Futures for the Dow Jones Industrial Average were little changed, while Nasdaq 100 futures shed 0.4%.

U.S. stock futures have already pared about half of their overnight drop as some of the initial reaction seen across global markets has started to unwind. Oil prices have come off their highs after spiking 14%.