Dow futures crashed more than 1,000 points Sunday night, as oil prices surge past $100 a barrel for the first time since Russia’s 2022 invasion of Ukraine. Right now, the U.S.-Iran war and the closure of the Strait of Hormuz drive the chaos — and dow futures today point to one of the worst Monday opens in months. The WTI crude oil price jumped 26.5% to $114.9 per barrel, and the Middle East war markets sell-off has Wall Street firmly on edge.

Dow futures fell 1,026 points, or 2.33%, with S&P 500 futures losing 2.05% and Nasdaq 100 futures also dropping 2.34%. Iraq, Kuwait, and the UAE all announced output cuts over the weekend — storage tanks are maxing out fast, and tankers right now refuse to transit the Strait of Hormuz after Iranian drone threats. About 20% of global oil supply moves through that narrow waterway. Rapidan Energy Group noted Sunday evening that the war already disrupted that flow for nine days — more than double the record set during the Suez Crisis of 1956–57.

Iraq’s southern oilfields dropped 70% in production, falling to just 1.3 million barrels per day from 4.3 million before the war. The WTI crude oil price also started 2026 below $60 a barrel, which makes the current levels hard to absorb. U.S. crude surged 35% last week, its biggest weekly gain in futures trading history going back to 1983, and Dow futures now carry the full weight of that shift heading into Monday.

Also Read:Oil Prices Top $110 Amid Iran War, Trump Shrugs Off Spike

Dow futures were already in freefall when Trump posted Sunday evening on Truth Social. The U.S. national average for a gallon of gasoline climbed 14% between last week and Saturday, per AAA data, and the administration wants to get ahead of the narrative right now.

President Donald Trump shared on Truth Social:

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!”

Energy SecretaryChris Wrighthad this to say:

“Higher prices are a small price to pay to get to a world where energy prices are returned back to where they were, and I’m talking weeks, certainly not months.”

At the time of writing, the Middle East war markets turmoil shows no sign of cooling, and analysts now throw out numbers that would have sounded extreme just two weeks ago. Patrick De Haan, head of petroleum analysis at GasBuddy, said on X that the odds of gasoline hitting $4 a gallon in the next month now stand at 80%. Homayoun Falakshahi, lead crude research analyst at Kpler, also put a stark ceiling on it:

Source: Watcher Guru