The Dow Jones Industrial Average close down nearly 770 points, or 1.7%. The S &P 500 declined 1.1%, while the tech-heavy index slid 1.3%. The jump in oil prices threatens to raise the price of gasoline for U.S. drivers, since crude oil makes up the top ingredient in car fuel.

Stock futures rebounded slightly early Monday as the spike in oil prices due to the escalating conflict between Israel and Iran eased for a moment. Stock gains were muted as investors remained concerned about the rising geopolitical risk to the global economy.