U.S. stock futures and global equity indexes dropped after Russian forces intensified strikes across Ukraine and as the threat of a potential ban on imports of Russian oil helped spur a surge in energy prices.

In another sign of rising risk aversion, the dollar, U.S. Treasury bonds and gold all rallied.

By early afternoon Monday Hong Kong time, futures tied to Dow Jones Industrial Average, S&P 500 and Nasdaq-100 had declined between 1.1% and 1.8%, suggesting U.S. markets could come under pressure in Monday’s trading. Futures tied to Europe’s Euro Stoxx 50 index fell more than 3%.

The Dow Jones Industrial Average last week recorded its fourth straight week of losses, while U.S. bond yields recorded their biggest one-week decline since March 2020.

Stock benchmarks in the Asia-Pacific region fell sharply Monday, with South Korea’s Kospi Composite and the mainland Chinese CSI 300 both falling more than 2%. Japan’s Nikkei 225 shed more than 3% and Hong Kong’s Hang Seng Index fell 3.4%, putting it on pace to close at a multiyear low.

Front-month futures for Brent crude, the global oil benchmark, jumped 9.4% to $129.15a barrel, after earlier topping $130. The U.S. equivalent, West Texas Intermediate, added 7.7% to $124.52. The U.S. and European partners are discussing a ban on imports of Russian oil, Secretary of State, Antony Blinken said Sunday.