Higher gas prices are likely coming to the pump after oil prices jump in wake of U.S. strikes in Iran

Stock futures also sharply dropped, with futures that indicate where the S&P 500 will trade Monday falling more than 1% and Nasdaq 100 futures sliding 1.4%. Dow futures dropped more than 500 points.

Russell 2000 futures, which track smaller companies, declined more than 1.3%.

Stocks also tumbled across Europe and Asia. The pan-European Stoxx 600 tumbled 1.4%, Germany’s DAX plunged 1.9% and benchmark indexes in France and Italy dropped 1.6%. Japan’s Nikkei stock index dropped 1.4% overnight.

The U.S. Dollar Index rose 0.7%, and the price of precious metals rose, with gold jumping 3% or more than $150, an indication that investors and traders are flocking to “safe haven” assets in the wake of the conflict.

“The scale [of Iran’s retaliation] has been a big, big surprise,” Jorge León, head of geopolitical analysis at Rystad Energy, told NBC News on Saturday. “This is a totally different world from what the market was anticipating.”

Earlier Sunday, eight oil-rich nations that are part of OPEC+ said they planned to increase production by more than 200,000 barrels of oil per day starting next month in a move aimed at calming markets.

For prices to fall, the market will most likely need tensions to ease.

“The trajectory of oil prices will ultimately depend on four variables,” JPMorgan Chase analysts said in a note Sunday. Those factors are how much supply is disrupted, how long a disruption lasts, whether supply from other sources can be mobilized quickly and what comes next.

Crude oil may not be the only commodity affected.

“While much of the focus is on crude oil, Qatar is the second largest exporter of [liquified natural gas] behind the USA,” Lipow wrote in a note. “LNG tankers are also being diverted away from the region,” he added. “A disruption in LNG would result in higher natural gas prices, especially in Europe.”

Natural gas prices were trading higher by about 4% on Monday morning.