Oil prices jumped more than 3% on Monday following new Israeli strikes on Lebanon and Iranian missile launches. Brent crude rose toward $98 a barrel. West Texas Intermediate climbed above $93 a barrel. The escalation heightened fears of supply disruptions through the Strait of Hormuz.
Surging energy costs pressured global equities, leading to significant declines in Asian and European indices. This follows a tech-led selloff on Wall Street on Friday. A strong U.S. jobs report increased expectations that the Federal Reserve will raise interest rates.
U.S. stock futures remained mixed in early trading. Dow futures moved lower. Tech-heavy Nasdaq 100 futures saw slight gains.