Stock futures sink as U.S. and its allies consider ban on Russian oil imports

Last week, all three major indexes booked losses, with the Dow falling for a fourth straight week. Dow DJIA, -0.53% dropped 179.86 points, or 0.5%, to close at 33,614.80, while the S&P 500 index SPX, -0.79%  fell 34.62 points, or 0.8%, to finish at 4,328.87, and the Nasdaq Composite Index COMP, -1.66%  shed 224.5 points, or 1.7%, to end at 13,313.44.

For the week, the Dow and S&P 500 each fell 1.3% while the Nasdaq dropped 2.8%.

Crude prices continued to surge Sunday CLJ22, +8.20% BRNK22, +9.13%, topping $125 a barrel, as Secretary of State Anthony Blinken said the U.S. and its European allies are considering a ban on Russian oil imports in response to Russia’s invasion of Ukraine.

See: U.S. oil prices soar Sunday, briefly punching above $130 as talk of Russia oil embargo heats up

Gold prices also touched $2,000 an ounce as investors sought safety. Gold GC00, +1.06% surged 4.2% last week, its largest weekly gain since July 2020, according to Dow Jones Market Date.

Fighting in Ukraine continued unabated over the weekend, with humanitarian corridors intended to evacuate civilians from cities closed after coming under fire from Russian troops. The U.N. said Sunday that 1.5 million Ukrainians have fled the country in the past 11 days, creating the fastest-growing refugee crisis in Europe since World War II.