US stock futures tumbled Monday morning as oil prices soared past $100 a barrel for the first time since 2022 – fueling fears that a prolonged conflict in Iran could hammer prices at home.
Futures tied to the Dow Jones Industrial Average sank 528 points, or 1.1%, Monday morning, while S&P 500 and Nasdaq futures fell 1% and 1.1%, respectively.
Brent crude oil prices jumped to nearly $97 a barrel, while West Texas Intermediate crude rose to $102 after briefly topping $120 earlier in the day – the highest levels since Russia launched its invasion of Ukraine four years ago.
National average gasoline prices hit $3.48, according to AAA, as a major bottleneck in the Strait of Hormuz threatened global oil supplies and the shipment of goods like apparel, food, fertilizer and aluminum.
Wall Street’s volatility index – also known as the fear gauge – surged above 30 for the first time since last April, when President Trump unveiled a sweeping range of tariffs that panicked investors and economists.
