Global shares slump, crude prices soar as Iran launches drone strikes

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 U.S. Embassy in Saudi Arabia.

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

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