Dow futures sink more than 1,000 points, oil prices surge up to 30% as Iran conflict rages

According to Dow Jones Market Data, West Texas crude peaked Sunday at $119.48 a barrel, its highest point since June 2022. If the gains hold up through the trading day, WTI could see its largest one-day dollar gain since at least April 2020, and the largest one-day percentage gain since at least May 2020, amid the pandemic lockdowns. WTI hit a record high of $145.29 a barrel back in July 2008.

However, oil prices pared gains in the early hours of Monday after the Financial Times reported that G7 finance ministers later in the day will discuss a possible joint release of petroleum from reserves coordinated by the International Energy Agency.