Take a look at some of the biggest movers in the premarket:
Chevron, Exxon, Phillips 66 — Oil stocks rose broadly in premarket trading after energy prices surged overnight, with U.S. benchmark West Texas Intermediate crude briefly breaking above $130 per barrel. Shares of Chevron and Exxon Mobil each rose more than 1%, while Phillips 66 climbed 3.4%. ConocoPhillips rose nearly 2%, while Baker Hughes jumped 4%.
Bed Bath & Beyond — Shares of the home goods retailer surged 70% in premarket trading Monday after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer through his investment company RC Ventures. Cohen said the company should explore selling itself to private equity and spinning off its BuyBuy Baby chain.
Archer-Daniels-Midland — Shares of the agricultural company jumped 3.9% premarket as crop prices jumped amid supply concerns due to Russia's invasion of Ukraine.
Visa, Mastercard — The payments stocks dipped in premarket trading after both companies announced over the weekend that they were suspending operations in Russia. Visa's stock shed 2.2%, while Mastercard was down 1.7%.
Occidental Petroleum — Shares of the oil and gas company jumped 8% after a regulatory filing showed Warren Buffett's Berkshire Hathaway significantly increased its stake recently. The conglomerate bought more than 61 million of Occidental shares from Wednesday to Friday, at prices ranging from $47.07 to $56.45. Berkshire now owns 91.2 million common shares of the oil giant.
Whiting Petroleum, Oasis Petroleum — Shares of Whiting and Oasis moved higher in premarket trading after the companies announced a merger agreement. The new company, with an estimated enterprise value of about $6 billion, will be 53% owned by Whiting shareholders and 47% by Oasis shareholders, according to a press release. Whiting's stock rose 4.9%, while Oasis jumped more than 6%.
Citigroup — The bank stock dropped 2.8% in premarket trading, underperforming its peers, after receiving a downgrade from Jefferies. The firm said Citi appeared unlikely to hit the financial targets detailed at an investor conference last week.
-CNBC's Maggie Fitzgerald, Yun Li and Hannah Miao contributed to this report.