Traders work on the floor of the New York Stock Exchange on March 5, 2026.
Spencer Pratt | Getty Images
Stock futures had fallen sharply to open the week as U.S. oil prices soared above $100 a barrel amid the U.S.-Iranian conflict, raising concerns that rising energy prices could dramatically slow the U.S. economy. of Dow Jones Industrial Average It was the biggest weekly decline in nearly a year.
futures It fell 966 points (2%) in line with the Dow Jones Industrial Average. S&P500 futures and Nasdaq 100 futures They each fell 1.6%.
west texas intermediate Oil prices rose 18% to more than $108 a barrel, the first time they have topped the $100 level since July 2022, when investors were reacting to the fallout from Russia’s invasion of Ukraine. international benchmark brent Oil prices rose 16% to more than $107 per barrel. U.S. oil prices have fallen below $60 per barrel since the beginning of the year.
Crude oil futures soared Sunday night after the Middle East’s major producers cut output as the vital Strait of Hormuz passage remained closed. Kuwait announced cuts but did not say by how much, while production in Iraq reportedly fell by 70%.
Many on Wall Street considered the $100 oil level to be the breaking point for the economy unless the war was quickly resolved and prices fell.
The war showed little sign of slowing down, according to reports, despite Iran appointing Khamenei’s son Mojtaba as its new supreme leader and President Trump claiming the country had “already won.”
The move on Sunday followed a rough week on Wall Street as oil prices soared due to the war between the United States and Iran. U.S. crude oil soared more than 35% last week, marking its biggest weekly gain since futures trading began in 1983. The US crude oil contract ended the week above the $90 mark.
Last week, the Dow Jones Industrial Average fell about 3%, its worst weekly decline since President Donald Trump rattled markets with his first tariff announcement in early April 2025. S&P500 2% decrease, while Nasdaq Composite It ended the week down 1.2%.
“Markets are clearly nervous as the impact and duration of the Middle East wars are highly uncertain, with potentially far-reaching economic and material market impacts,” BlackRock Chief Information Officer Rick Rieder said in a letter to clients on Friday. “These events are causing extreme movements in sectors of the market, as market participants seek to reduce clearly overweight positions or hedge embedded risks.”
There are no notable economic data scheduled for Monday, but investors will be watching for announcements on inflation, employment and gross domestic product expected later this week. investors will be watching hewlett packard enterprise Earnings after the bell on Monday, then kohls, oracle, dollar general and dicks sporting goods later in the week.
—CNBC’s Spencer Kimball contributed to this report.
