TradingKey - Panic sentiment spreads further as U.S. stock index futures plunge across the board, while crude oil prices surge to a nearly one-month high.

Ahead of the U.S. market open on April 2, the volatility index surged over 10%, sending stock index futures into a collective dive. Specifically, Nasdaq futures fell 478 points, or nearly 2%, to 23,541; S&P 500 futures dropped over 100 points, or 1.54%, to 6,474; and Dow Jones futures fell 658 points, or 1.41%, to 45,907.

Meanwhile, international crude oil prices jumped by more than 10%. Among them, WTI crude ( USOIL) rose 11%, briefly breaking above $110 per barrel and currently trading at $109.93 per barrel, marking a new high for the past month.

WTI Crude Oil Price Chart, Source: TradingView

On April 1, U.S. President Trump delivered a national address regarding the conflict in Iran, declaring that "the United States will launch extremely heavy strikes against Iran within the next two to three weeks." Following these remarks, gold, cryptocurrencies, and equities all plummeted, while only crude oil prices surged.

Trump's speech not only negated previous de-escalation signals regarding troop withdrawals but also further intensified the conflict. In fact, immediately after Trump concluded his national address, Iran launched a barrage of missiles toward Israel, and the Iranian Revolutionary Guard Corps Navy Command announced an expansion of its target range to accelerate the expulsion of U.S. presence in the region in response to Trump's provocation.

Find out more