NEW YORK (AP) — Global markets slumped and oil prices soared to levels not seen in more than a year as Iran launched a series of retaliatory attacks, including a drone strike on the US Embassy in Saudi Arabia.

US futures are down sharply Tuesday with the S&P 500 and the Dow Jones Industrial Average falling 1.7%.

Benchmark US crude jumped 8.6% to $77.36 a barrel. Gas prices were already rising before the US struck Iran as refiners switch over to summer blends of fuel.

The average price for a gallon of gasoline in the US jumped 11 cents overnight to about $3.11, according to data from motor club AAA. Brent crude, the international standard, added 6.7% to $81.29 a barrel. Global oil prices jumped to start the week over concerns that the war will clog the global flow of crude.

Stocks of airlines, including American Airlines, United and Delta have continued to slide, falling between 2% to 3% before Tuesday’s market open. Higher oil prices threatens to send ticket prices higher and fighting in the Middle East already has closed airports and left travelers stranded.

Shares of Amazon declined 2% in premarket trading Tuesday as the online giant said Monday that two of its data centers in the United Arab Emirates were hit by drones, while a drone strike near one of its facilities in Bahrain “caused physical impacts to our infrastructure.”

In early European trading, France’s CAC 40 dropped 2.9% to 8,151.12, while in Germany the DAX sank 3.7% to........

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