Stock futures are experiencing significant declines, with the Dow futures dropping 200 points as speculation grows around potential U.S. military action against Iran. Concerns about escalating tensions in the Middle East are further compounded by rising oil prices, which have rallied in response to fears of instability. Global and Asian markets are reflecting this uncertainty, with substantial drops noted in both regions. In particular, Hong Kong stocks have seen their largest declines in two months, influenced by both geopolitical concerns and comments from the Federal Reserve regarding inflation. Investors are on edge, grappling with the implications of a potential strike on Iran while trying to navigate the complexities of a holiday-thinned trading environment.