The Nikkei was down 6.2% at 52,166.92 shortly after trading began early Monday. South Korea’s Kospi sank 6.3% and shares in Australia and New Zealand fell more than 3%.

The price for a barrel of Brent crude, was at $107.97 shortly after trading resumed Sunday on the Chicago Mercantile Exchange. That’s 16.5% higher than the international benchmark’s Friday closing price of $92.69.

Crude prices are at their highest level in more than three and a half years. Supply concerns have driven crude and gasoline higher as the war ensnares major oil-producing countries and hinders exports from the Persian Gulf.

Over the past several years, Ford has found itself in hot water, with recalls sweeping through nearly every model in its lineup between 2020 and 2026 — all but one. 

Only the Ford GT, a mid-engine two-seater sports car, escaped the issues that plagued the rest of the lineup, including problems with windshields, suspension and rearview cameras.

Discontinued after 2022, the model paid homage to the iconic Ford GT40, which dominated the 24 Hours of Le Mans in the 1960s. While the second-generation Ford GT largely avoided recalls, both generations experienced some issues. The first faced potential airbag problems, while the second had possible hydraulic defects.

In 2025, Ford set a record for the most recalls issued by a single automaker in a single year, issuing more than 150 — nearly double the previous record of 77 set by General Motors in 2014.

FORD RECALLS MORE THAN 615,000 VEHICLES OVER WIPER AND DRIVESHAFT DEFECTS

Ford Motor Co. signage is displayed outside a dealership as the General Motors Co. (GM) headquarters building stands in the distance in Detroit, Michigan, U.S., on Monday, April 1, 2013.  (Jeff Kowalsky/Bloomberg via Getty Images  / Getty Images)

The surge was largely attributed to an aggressive strategy of initiating voluntary recalls before major incidents or widespread complaints emerged.

“The increase in recalls reflects our intensive strategy to quickly find and fix hardware and software issues and go the extra mile to help protect customers,” the company said in summer 2025. “Ford has more than doubled its team of safety and technical experts in the past two years and significantly increased testing to failure on critical systems in current Ford vehicles such as powertrains, steering and braking. Insights from this testing are being incorporated into current production.”

Over six years, 16 Ford models — spanning SUVs and crossovers, trucks and pickups, performance cars and commercial vans — were affected, totaling tens of millions of vehicles.

FORD RECALLS MORE THAN 412,000 VEHICLES OVER SUSPENSION ISSUE

A Ford GT is displayed for sale during the Concours of ‘Elegancee at Hampton Court Palace on September 02, 2022 in London, England. (John Keeble/Getty Images / Getty Images)

Among Ford’s seven SUV and crossover models — Escape, Bronco Sport, Bronco, Explorer, Expedition, Mustang Mach-E and Edge — each has been subject to at least one recall. Issues have included inverted or blank rearview camera images, cracked fuel injectors that pose fire risks, software faults that could cause brake malfunctions and electronic door latch failures that may lead to lockouts or entrapment.

All five major Ford truck and pickup models — Maverick, Ranger, F-150, F-150 Lightning and Super Duty — have also been affected. The most widespread problems involve electrical faults that can disable trailer brake lights, turn signals or braking functions while towing, increasing crash risks.

2019 Ford Motor Co. F-150 pickup trucks are displayed at a car dealership in Orland Park, Illinois, U.S., on Friday, Sept. 27, 2019. (Daniel Acker/Bloomberg via Getty Images / Getty Images)

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Ford has largely phased out traditional sedans, leaving the Mustang as its only remaining passenger car. The coupe and convertible, produced since 2020, have faced issues including rearview camera malfunctions.

The company’s commercial vans — Transit, E-Transit and Transit Connect — have also been recalled for problems involving braking, towing, electrical systems and visibility.

Oil prices passed $100 per barrel on Sunday as the U.S.-Israeli war against Iran disrupts production and shipping in the Middle East.

This is the first time in nearly four years that oil prices reached this mark.

The price for a barrel of Brent crude, the international standard, rose to more than $107 after trading resumed on the Chicago Mercantile Exchange, a 16.5% jump from its Friday closing price of $92.69.

West Texas Intermediate, produced in the U.S., was up to about $106.22 a barrel, a 16.9% increase from when it closed on Friday at $90.90.

GAS PRICES SURGE AS IRAN CONFLICT RATTLES GLOBAL OIL MARKETS, PUSHING US CRUDE ABOVE $90

Oil prices passed $100 per barrel on Sunday as the U.S.-Israeli war against Iran disrupts production and shipping. (REUTERS/Arathy Somasekhar / Reuters Photos)

This comes after Brent climbed 28% and WTI rose 36% last week prior to the latest upticks.

Oil prices have jumped as the war impacts areas crucial to the production and shipping of oil and gas from the Persian Gulf.

About 15 million barrels of crude oil, which makes up about 20% of the oil around the world, are typically moved daily through the Strait of Hormuz, according to independent research firm Rystad Energy.

Concerns about Iranian missile and drone strikes have stalled tankers that would otherwise be traveling through the strait, which carry oil and gas from Middle East countries such as Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates and Iran.

Iran, Israel and the U.S. have attacked oil and gas facilities since the war began late last month. (Brandon Bell/Getty Images / Getty Images)

Iraq, Kuwait and the UAE have dropped their oil production over the strained ability to export crude.

Saudi Arabia is increasing shipments from the Red Sea, but the volumes are not enough to offset the dip from the Strait of Hormuz, according to shipping data.

Iran, Israel and the U.S. have attacked oil and gas facilities since the war began late last month.

The war could leave consumers and businesses around the world with weeks or even months of higher fuel prices, even if the conflict ends quickly, as suppliers deal with damaged facilities, disrupted logistics and elevated risks to shipping.

US WEIGHS ASKING CHINA TO CURB RUSSIAN, IRANIAN OIL PURCHASES

The average gallon of regular gasoline in the U.S. increased on Sunday to $3.45. (Al Drago/Bloomberg via Getty Images / Getty Images)

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The last time U.S. crude futures traded over $100 per barrel was the summer of 2022.

The average gallon of regular gasoline in the U.S. also increased on Sunday to $3.45, representing a 47-cent jump from about a week earlier, according to AAA motor club. Diesel was also selling for an average of about $4.60 a gallon, an increase of about 83 cents from the previous week.

Reuters contributed to this report.

Enterprise software giant Oracle is reportedly planning to ax thousands of jobs due to mounting financial pressure from its aggressive push to build AI-focused data centers.

The tech powerhouse may slash 20,000 to 30,000 positions, possibly cutting 12–18% of its global workforce of roughly 162,000 employees, tech magazine CIO reported.

The layoffs could be implemented as early as March 2026, Bloomberg reported.

The move is driven by a cash crunch from massive spending on data centers, which Wall Street expects will keep Oracle’s cash flow negative for years, forcing the company to seek alternative ways to preserve liquidity, Bloomberg said.  

MAJOR TECH COMPANIES BACK TRUMP PLEDGE TO PAY MORE FOR DATA CENTER ELECTRICITY AHEAD OF SIGNING

Signage is displayed on a building at the Oracle Corp. headquarters campus in Redwood City, California, U.S., on March 14, 2016.  (Michael Short/Bloomberg via Getty Images / Getty Images)

Additionally, several U.S. banks have scaled back financing for Oracle’s massive AI data center expansion, according to investment bank TD Cowen, cited by CIO.com. Lenders have reportedly voiced growing concerns over the company’s ability to repay debt given the enormous capital required to build infrastructure for high-profile AI clients such as OpenAI.

“Both equity and debt investors have raised questions regarding Oracle’s ability to finance this buildout,” the report said.

STANLEY BLACK & DECKER TO CUT HUNDREDS OF JOBS, SHUT CONNECTICUT PLANT

Rows of high-tech server racks line a corridor inside a growing data center facility. (iStock / iStock)

The job cuts will span divisions across the company, focusing on roles Oracle expects to need less of due to AI, Bloomberg reported.

The move is also expected to free up $8 billion to $10 billion, TD Cowen said in a research report cited by CIO.

Led by Chairman Larry Ellison, Oracle is making a high-stakes, all-in bet on becoming a top-tier AI cloud provider to rival AWS, Microsoft and Salesforce.  

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The upcoming layoffs at Oracle are expected to be much larger and more extensive than the company’s usual smaller routine job cuts. 

Oracle co-founder, CTO and Executive Chairman Larry Ellison listens as U.S. President Donald Trump speaks to reporters on February 3, 2025 in Washington, DC.  (Anna Moneymaker/Getty Images / Getty Images)

Oracle reportedly told internal teams it would reassess many open positions in its cloud division while evaluating which roles are still necessary. However, planning for the workforce reductions is still ongoing and could change, Bloomberg reported.  

FOX Business reached out to Oracle for more information.