Stock futures plunged early in the week as U.S. oil prices surpassed $100 a barrel amid the U.S.-Iran conflict, raising fears that higher energy prices could dramatically slow the U.S. economy. He Dow Jones Industrial Average is coming off its biggest weekly decline in almost a year.

Futures linked to the Dow Jones fell 806 points, or 1.7%. S&P 500 Futures and Nasdaq 100 Futures each fell 1.5%.

West Texas Intermediate Crude jumped 18% to over $108 a barrel, the first time it surpassed the $100 level since July 2022, as investors reacted to the fallout from Russia’s invasion of Ukraine. International reference Brent Crude added 16% to more than $107 a barrel. US oil prices started the year below $60 a barrel.

Oil futures rose on Sunday night after major producers in the Middle East cut production due to the continued closure of the key Strait of Hormuz passage. Kuwait announced cuts but did not say to what extent, while Iraq reportedly saw its production fall by 70%.

Many on Wall Street saw oil’s $100 level as a breaking point for the economy unless the war is resolved quickly and prices retreat.

Triumph aware Sunday afternoon that an increase in “near-term oil prices” was a “very small price to pay” for destroying Iran’s nuclear threat.

The war showed few signs of easing despite Trump’s decision. say “was already won” when Iran named Ayatollah Khamenei’s son Mojtaba as its new supreme leader, according to reports.

Sunday’s moves follow a difficult week on Wall Street, as the war between the United States and Iran sent crude oil prices soaring. US crude oil soared more than 35% last week, marking its biggest weekly gain since the futures contract began trading in 1983.

The Dow Jones fell about 3% last week, its worst weekly decline since President Donald Trump’s initial tariff announcement rocked markets in early April 2025. S&P 500 lost 2%, while the Nasdaq Composite It ended the week with a drop of 1.2%.

“Markets are clearly nervous as the impact and duration of the war in the Middle East is highly uncertain, with a potentially wide range of outcomes for economies and significant market influences,” BlackRock CIO Rick Rieder wrote to clients on Friday. “These events are creating some extreme moves in areas of the markets as market participants clearly look to reduce overweight positions or hedge inherent risk.”

There is no major economic data scheduled for Monday, but investors will monitor inflation, employment and gross domestic product releases throughout the week. Investors will watch Hewlett Packard Company gains after the bell on Monday, followed by Kohl’s, Oracle, general dollar and Dick’s Sporting Goods later in the week.

— CNBC’s Spencer Kimball contributed to this report.