Stocks lost ground in early trading Tuesday, while oil prices moved higher, as investors monitored developments in the escalating conflict between Israel and Iran and digested disappointing economic data.

The initial round of Israeli attacks sent oil prices 7 percent higher on Friday. Still, at about $74 a barrel, Brent crude remains below the $80 average for 2024, the Deutsche Bank analysts wrote. The market continued to waver, though, and by Monday, oil prices had fallen about 3 percent.

A surging oil price is likely to trigger a depreciation in Asian currencies, notably the Thai baht, Taiwan dollar and Korean won, according to Barclays Plc.

Calm returned to Wall Street, and U.S. stocks rallied, while oil prices gave back some of their initial spurts following Israel’s attack on Iranian nuclear and military targets at the end of last week.

With the exception of Russia’s invasion of Ukraine, big swings in oil have been driven by broader geoeconomic trends

NEW YORK (AP) — Some calm is returning to Wall Street, and U.S. stocks are rising on Monday, while oil prices are giving back some of their initial spurts following Israel’s attack on Iranian nuclear and military targets at the end of last week.

Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine.