The stock market moved lower on Monday after oil prices briefly hit more than $130 per barrel overnight, the highest level since July 2008, as the escalating conflict between Russia and Ukraine continued to weigh on investors.
The price of oil went up to more than $130 per barrel.
The S&P 500 lost 1.4% and the tech-laden Nasdaq lost 1.7% on Monday, after the stock market fell last week.
The markets were under pressure again as the fighting continued in Ukraine, with plans for civilians to leave several cities over the weekend canceled after Russia reportedly violated a cease-fire agreement.
The price of oil jumped overnight after the U.S. Secretary of State said that the U.S. and its allies are considering a ban on Russian oil and natural gas imports.
The U.S. benchmark West Texas Intermediate is currently at $119 per barrel, while the global benchmark is currently at $123 per barrel.
The price of gold crossed $2,000 per ounce for the first time in over a year, as investors looked for safe-haven assets after Russian President Vladimir Putin pledged to continue his invasion unless Ukraine fully surrendered and met Russia's original demands.
Energy stocks moved higher on Monday, despite most sectors moving lower.
Ryan Cohen disclosed a 9.8% stake in the company and sent a letter to management complaining about the company's under performance.
The S&P 500 fell around 1.3% last week. The S&P 500 closed in correction territory, meaning that it is more than 10% below its record highs at the start of the year. The Nasdaq has been in a correction since the beginning of the year.
With commodity prices, including everything from wheat to oil,surging in recent weeks, that is likely to result in a shock for markets. The average price of gas in the US will go up to more than $4 per gallon over the weekend due to rising oil prices.
Oil is near $120 per barrel as Russia's invasion of Ukraine continues.
War stocks are surging as the conflict in Russia rages on.
The stock market is whipsawed by rate hikes and Russia-Ukraine conflict.
Powell says rate hikes are coming in March despite uncertainty.
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