The Dow Jones Industrial Average futures were down 1.4%, S&P 500 futures were dropping 1.6%, and Nasdaq futures were falling 2%.

Oil prices surged, with front-month global benchmarks Brent crude rising 8% to $109.20 a barrel, while West Texas Intermediate crude was up 9.5% to $109.74 a barrel.

Investors will also be looking ahead to initial jobless claims, which will be released at 8:30 am ET. Claims are expected to rise to 212,000 from about 210,000 the previous week, according to analysts surveyed by Bloomberg.

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