David Zervos, Jefferies Chief market strategist, joins 'Fast Money' to talk what's ahead for the markets as geopolitical tensions rise.

Markets traded risk-off in overnight futures. As of 08:40am Eastern Time, the S&P 500 sold off 0.9%, Brent crude oil jumped 7.5%, the U.S. Dollar Index ( DXY) was up 0.5%, and the 10-year Treasury yield was down just a basis point as the crosscurrents from a flight to safety and higher energy prices buffeted government bonds.

Major equity indices, which had been hovering near all-time highs, pulled back as geopolitical risks surged back to the forefront.

Market reactions to Israel’s attack on Iran weren’t all that surprising Friday – with one key exception. That aberration signals where traders’ real fears seem to lie. Stocks fell, as one would expect,

Live Updates Live Coverage Has Ended MSFT Dividend 12:30 pm by Microsoft (Nasdaq: MSFT) in recent days announced its latest quarterly dividend of $0.83 per share. The company has a dividend yield of 0.

Live Updates Live Coverage Updates appear automatically as they are published. Barclays Loves Oracle 10:43 am Barclays Capital rewarded Oracle (NYSE: ORCL) for its recent earnings beat by raising its price target on the tech stock to $221 this morning.

Oil prices rallied over 7% today after Israeli airstrikes on Iran. This elevated geopolitical uncertainty and requires the oil market to price in a larger risk premium for supply disruption.

What Happened in Markets Today Israel launched a broad air campaign against Iran, targeting its nuclear capabilities and military/political leadership. Markets were rattled after Israel said it had detected dozens of missiles launched from Iran and was working to intercept them.

It’s the kind of geopolitical flashpoint that might once have triggered a full-blown market meltdown: Israeli warplanes struck Iranian nuclear sites, Tehran vowed revenge — then followed through. Oil spiked.

Helima Croft, RBC, joins 'Closing Bell Overtime' to talk the state of the crude oil market amid rising tensions in the Middle East.