Oil Prices Top $100 a barrel

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Stock futures were plunging to start the week's trading as U.S. oil prices topped $100 a barrel amid the U.S.-Iran conflict, raising fears higher energy prices could dramatically slow the U.S. economy. The Dow Jones Industrial Average is coming off its biggest weekly slide in nearly a year.

Futures tied to the Dow fell 966 points, or 2%. S&P 500 futures and Nasdaq 100 futures each tumbled 1.6%.

West Texas Intermediate crude jumped 18% to above $108 a barrel, its first time above the $100 level since July 2022, when investors were reacting to the aftermath of Russia's invasion of Ukraine. International benchmark Brent crude added 16% to above $107 a barrel. U.S. oil prices began the year below $60 a barrel.

Oil futures jumped on Sunday night after major Middle East producers slashed their output due to the continued closure of the key Strait of Hormuz passageway. Kuwait announced cuts but did not say by how much, while Iraq has reportedly seen its production fall 70%.

The $100 oil level was seen by many on Wall Street as a breaking point for the economy unless the war is resolved quickly and prices retreat.

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