US stock futures fell sharply as oil exceeded $100 a barrel
US stock futures declined at the beginning of the week, with oil prices rising to exceed $100 per barrel. This decline came after a difficult period witnessed by Stock markets, with the Dow Jones index recording its worst weekly decline in nearly a year.
Futures contracts linked to the Dow Jones index fell by about 2%, or more than 800 points. Contracts linked to the Standard & Poor’s 500 index also fell by 1.7%, while futures contracts for the Nasdaq index fell by about 1.5%.
And Energy markets were a major driver of these moves, with Crude oil prices rose sharply late Sunday evening, as the conflict in Iran prompted countries to cut production, while the Strait of Hormuz remained closed to ship traffic.
The price of US West Texas Intermediate crude rose about 18% to exceed $107 a barrel, and the price of global Brent crude rose 17% to exceed $108.
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