Shares of industries with high fuel costs like airlines and cruise lines dropped Monday as crude oil and gasoline futures spiked following the weekend attack on Saudi oil installations. Shares of retailers fell on fears that higher gasoline costs will hurt sales and squeeze profits.
Oil prices are soaring after the drone attacks forced Saudi Arabia to cut its oil output in half. Brent crude futures, the international benchmark, rose as much as 19.5% to $71.95 per barrel and U.S. West Texas Intermediate futures climbed as much as 15.5% to $63.34. U.S. gasoline futures surged more than 9%.
