S&P 500 futures fell 0.7% and Nasdaq 100 futures fell 0.8%. US 10Y treasury yields declined 13bps to 2.88%. Crude oil held above $108 per barrel after jumping 2.5% on Friday to cap a weekly gain. Crude oil was buffeted last month as signs of an impending US recession prompted a wave of selling in commodities. Many product prices remain elevated and Vitol Group, the biggest independent oil trader, warned that surging fuel costs are starting to hurt demand. Meanwhile, JP Morgan warned that global oil prices could reach a ’stratospheric’ $380 per barrel if the US and the EU penalties prompt Russia to inflict retaliatory crude oil output cuts.