U.S. markets fall as war in Ukraine keeps pushing up oil and gas prices

U.S. stock markets fell Monday as surging oil prices amid Russia's war in Ukraine rattle investors worried about worsening inflation from soaring energy prices.

Both the S&P 500 stock index and the tech-heavy Nasdaq composite were down 2.2% as of 12:30 p.m. ET Monday, while the Dow was off almost 2%, or 660 points, at 32,954.

Tougher U.S. sanctions against Russia are expected as the conflict in Ukraine deepens. Democratic Congressman Adam Schiff of California said on CBS' "Face the Nation" Sunday he believes there is "strong" bipartisan backing for a U.S. ban on Russian oil and natural gas imports.