Stocks fell on Monday amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth. The Dow Jones Industrial Average slid 155 points, or 0.6%. It would be the first decline in nine days for the Dow. The S&P 500 and Nasdaq Composite pulled back 0.4% each.
West Texas Intermediate futures jumped more than 10% to trade at $60.74 per barrel. WTI briefly rose more than 15% overnight. The sharp move higher comes after a series of drone strikes on Saturday knocked out about half of Saudi Arabia’s daily crude production.
Saudi Aramco, Saudi Arabia’s national oil company, will reportedly try to restore about a third of the country’s production by Monday. General Motors shares fell 3% after the United Auto Workers union went on strike after contract talks between the two entities broke down. Higher gasoline prices could also potentially hurt sales. Airlines JetBlue Airways and United Airlines dropped at least 2% each while American Airlines lost 4.2%. Devon Energy skyrocketed more than 7% before the bell while Marathon Oil jumped 8.5%. Dow members Exxon Mobil and Chevron rose more than 1% each. President Donald Trump tweeted Sunday before the futures open the U.S. could use oil from its Strategic Petroleum Reserve to keep the market “well-supplied.”