Traders work on the floor of the New York Stock Exchange. (Photo by Michael M. Santiago/Getty Images)

(NEW YORK) — Stocks tumbled in early trading on Monday as oil prices soared above $100 per barrel in response to the U.S.-Israeli war against Iran.

The Dow Jones Industrial Average fell 430 points, or 0.9%, while the S&P 500 dropped 0.9%. The tech-heavy Nasdaq declined 1%.

Indexes fell worldwide on Monday as the spike in oil prices rippled through global markets. Tokyo’s Nikkei 225 index plunged 5.2%, while pan-European STOXX 600 index slipped 1.7%.

Oil prices soared as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.

U.S. crude oil prices topped $100 on Monday, marking a staggering 54% increase since late last month.

Oil prices climbed as high as $120 overnight, but retreated after the Financial Times reported Group of Seven (G7) finance ministers would meet to discuss a possible coordinated release from their respective strategic petroleum reserves.

This is a developing story. Please check back for updates.