On Sunday evening, U.S. equity futures plummeted as the price of oil in the United States soared to its highest level since 2008, owing to the ongoing conflict between Russia and Ukraine.
The Dow Jones Industrial Average futures down 400 points, or 1.19 percent, while the S&P 500 and Nasdaq 100 futures fell 1.5 percent and 1.91 percent, respectively.
The U.S. oil benchmark, West Texas Intermediate crude futures, rose as much as 10%, reaching $130 a barrel at one point before easing back slightly. Brent crude, the worldwide benchmark, rose 9% to $128.60 a barrel, the highest price since 2008.
In reaction to Russia’s war on Ukraine, Secretary of State Antony Blinken stated Sunday that the US and its allies are considering barring Russian oil and natural gas imports. According to AAA, gas prices have risen to their highest level since 2008, with the national average reaching $4 per gallon.
