U.S. equity futures fell Monday morning as U.S. oil prices briefly jumped to their highest level since 2008 amid the ongoing war between Russia and Ukraine.
Oil stocks rose in premarket trading alongside the price of oil. Phillips 66 rose 3% and Baker Hughes added 3.6%. Valero Energy and ConocoPhillips rose 2% each.
Secretary of State Antony Blinken said Sunday that the U.S. and its allies are considering banning Russian oil and natural gas imports in response to the country’s attack on Ukraine.
Still, bank stocks were among the biggest early losers, with Citigroup down 3.9% and U.S. Bancorp down nearly 3% as economic pressure weighed on the financial sector.
One of the big winners on the morning was Bed, Bath & Beyond, which soared more than 75% premarket after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer, through his investment company RC Ventures.
A quieter week of earnings is on deck. Some big tech names like Oracle, CrowdStrike and DocuSign are scheduled to report. Rivian Automotive, Ulta Beauty and Bumble will also report.
In Japan, the Nikkei 225 slid 2.9%, while the Hang Seng index in Hong Kong withered 3.9%.
Oil prices jumped $4.97 to 120.65.
Gold prices hiked $24.60 to $1,991.20.