Oil futures were slightly lower early Monday, consolidating after a surge that saw the U.S. benchmark jump more than 6% last week as investors reacted to Russia’s nuclear threats as its war with Ukraine intensified.

Inflation worries have come back to haunt U.S. financial markets as inventors fret over the potential policy changes under President-elect Donald Trump’s second term could stoke a resurgence of price pressures. 

With Black Friday and the holiday shopping sprint just days away, quarterly results from retailers like Macy’s Inc. and Nordstrom Inc. this week will help set the tone for the rest of the season, as inflation-squeezed shoppers continue to zero in on discounts.