Stocks Plunge as Oil Prices Surge Past $100 a Barrel

G7 to discuss coordinated release of emergency oil reserves amid Middle East conflict

Published on Mar. 9, 2026

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US stock futures tumbled on Monday as oil prices surged past the $100-a-barrel mark and investors braced for the next development in a still-escalating Middle East war. The Dow Jones Industrial Average futures were down 1.5% after plunging 1,000 points overnight, while the S&P 500 and Nasdaq 100 contracts sank roughly 1.3% and 1.5%, respectively.

Why it matters

The surge in oil prices, driven by supply disruptions from the conflict in the Middle East, has thrown global equity markets into turmoil and raised concerns about the potential for an economic recession. The G7 finance ministers are set to discuss a coordinated release of emergency oil reserves to help mitigate the impact of the price spike.

The details

Oil prices were coming off earlier highs after spiking around 25% late Sunday as the conflict in Iran spurred countries to cut output, already curbed as the Strait of Hormuz shipping corridor remained shuttered. Kuwait confirmed production cuts but did not specify the scale, while output in Iraq is reported to have plunged about 70%. West Texas Intermediate crude futures were trading at around $103 a barrel, while global benchmark Brent futures changed hands above $107, both about 15% higher.

  • The G7 finance ministers and the IEA executive director will hold a call at 8:30am New York time on Monday to discuss the impact of the Iran war.

The players

Fatih Birol

The executive director of the International Energy Agency.

Chris Rupkey

A veteran strategist who has provided a new perspective on the oil surge and its potential impact on the economy.

Goldman Sachs

The investment bank that has provided a new call on oil prices, which already looks outdated given the recent price movements.

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What’s next

The G7 finance ministers and the IEA executive director will hold a call at 8:30am New York time on Monday to discuss a possible joint release of petroleum from reserves to tackle the surge in oil prices.

The takeaway

The surge in oil prices driven by the conflict in the Middle East has sent global equity markets into a tailspin, raising concerns about the potential for an economic recession. The coordinated release of emergency oil reserves by the G7 countries could help mitigate the impact of the price spike, but the situation remains highly volatile and uncertain.