Major benchmarks fell on Monday morning, giving back ground from last week's monumental gains. Investors fretted about the impact of a drone attack on key Saudi Arabian energy infrastructure over the weekend, and many analysts argued that the response in the financial markets merely recognized the risks that have existed all along. As of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 146 points to 27,074. The S&P 500 (SNPINDEX: ^GSPC) fell 11 points to 2,996, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) dropped 31 points to 8,146.
Soaring oil prices worked to the benefit of major energy companies, with both ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX) doing their part to keep the Dow from suffering larger losses. Meanwhile, a rise in gas prices could also eventually affect General Motors (NYSE: GM), but the auto giant has more immediate problems to address in the form of a worker strike.
Shares of ExxonMobil and Chevron were up about 1% to 2% as energy investors responded to the attacks on Saudi production facilities. West Texas Intermediate crude saw prices rise almost $6 per barrel to climb above the $60 mark, while Brent crude saw similar-sized gains to move above $66 per barrel. For Exxon and Chevron, which have long suffered from depressed energy prices, the move higher in oil prices signaled new hope that significant profit growth will return to the oil patch.