Oil Surges Past $100, Rattles Markets

Oil just blew past a line many on Wall Street hoped wouldn't be crossed—$100 a barrel— and stock futures were reacting fast, CNBC reports. Before Monday's opening bell, Dow futures were down about 600 points, or about 1.2%, with the S&P 500 and Nasdaq 100 futures off roughly 1% each as traders absorbed a spike in crude prices tied to the US-Iran war. West Texas Intermediate jumped 25% to above $114 a barrel, its first trip over $100 since 2022, the AP reports. Brent crude climbed to more than $108, an increase of 16%. US oil started the year below $60.

The move follows production cuts by major Middle East producers and the continued shutdown of the Strait of Hormuz, with Iraq's output reportedly down 70%. The price surge capped a brutal week: US crude soared more than 35%, its biggest weekly jump on record, while the Dow logged its worst week in nearly a year. Many analysts view $100 oil as a potential tipping point for the economy if the conflict drags on. President Trump, however, argued on Truth Social that the jump in "short term" oil was a "very small price to pay" for eliminating Iran's nuclear threat. Prices at the pump were seeing the impact: Gasoline rose to an average of $3.45 a gallon Sunday, up 47 cents from the week prior. This story was updated with new market figures.