U.S. stock futures are sharply lower in premarket trading as oil topped $100 a barrel, raising the specter of a stagflationary environment of rising inflation and slowing growth for the U.S. economy.

Oil prices rose above $119 at one point in overnight trading and hit its highest levels since 2022 when investors were reacting to the aftermath of Russia’s invasion of Ukraine.

Volatility is spiking as uncertainty expands with the CBOE Volatility Index (VIX) above the 30 level for the first time since last April’s sell-off. With no economic data due today, investor focus will remain on oil prices and headline risks due to the conflict in Iran.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are surging over 12% near $102 a barrel as Middle East countries cut production amid the ongoing conflict in the region, leading to reports that G7 countries, including the U.S., planned to discuss a coordinated release of crude from their strategic reserves. Crude surpassed the $100 mark for the first time since mid-2022 — when Russia’s invasion of Ukraine jolted global energy markets. WTI rose as high as $119 a barrel overnight. The G7, or Group of Seven, finance ministers were expected to hold a call at 8:30 a.m. ET to discuss the idea and the impact of the war, the Financial Times reported, citing people familiar with the situation.
• Gold (/GC) – Gold prices are down over 1% near $5100 as a stronger U.S. dollar weighed on the greenback-priced bullion, while higher energy costs fueled inflation concerns and further dimmed the prospects for near-term reductions in interest rates.
• Bitcoin (/BTC) – The Crypto Future is almost 1% near 67,700 in premarket trading.
• VIX – The CBOE Volatility Index was up 24% on Friday and settled at 29.49 as stocks fell. The VIX closed at its highest level since late April of 2025. The VIX is up another 8% this morning and hit the highest level in 11 months above the 30 level.
• U.S. Dollar (/DX) – The dollar is up 0.3% to 99.3.

Biggest Premarket Movers (as of 7 AM ET - Mark % Change)

1. Live Nation (LYV): +6.96%
2. Mosaic (MOS): +2.15%
3. APA Corp. (APA): +1.99%
4. EOG Resources (EOG): +1.97%
5. CF Industries (CF): +1.96%

1. United Airlines (UAL): -3.55%
2. Delta Airlines (DAL): -3.41%
3. Newmont (NEM): -3.37%
4. Freeport-McMoran (FCX): -3.30%
5. CRH Public (CRH): -3.25%

Economic Data

• 11:30 AM ET: 3-Month Bill Auction, 6-Month Bill Auction

Notable Earnings

• Premarket: KFY, ZIM
• Postmarket: CASY, HPE, MTN
• Premarket Tomorrow: ABM, BNTX, KSS, NIO, UNFI, UEC
• Postmarket Tomorrow: AVAV, FNV, GRPN, JOYY, LDI, ORCL

Upgrades/Downgrades

• Rothschild & Co. Redburn upgrades GE Vernova (GEV) to Buy from Sell
• Wolfe Research upgrades Brinker (EAT) to Outperform from Peer Perform
• Scotiabank upgrades Verizon (VZ) to Outperform from Sector Perform
• Wolfe Research downgrades Starbucks (SBUX) to Peer Perform from Outperform
• Bernstein downgrades Brown-Forman (BF/B) to Market Perform from Outperform

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

Schwab Network is brought to you by Charles Schwab Media Productions Company (“CSMPC”). CSMPC is a subsidiary of The Charles Schwab Corporation and is not a financial advisor, registered investment advisor, broker-dealer, or futures commission merchant.

Charles Schwab Media Productions Company and all third parties mentioned are separate and unaffiliated, and are not responsible for one another's policies, services or opinions.

Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.