Wall Street is reacting to the ongoing conflict between Israel and Iran. CBS News MoneyWatch correspondent Kelly O'Grady reports.

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.

"Israel is being assisted this way or that way by some Iranians," ex-Israeli National Security chief Giora Eiland told Newsweek.

In their fourth day of fighting, with no end in sight, ripples from the Israeli-Iranian conflict are beginning to rock global supply chains. Some oil tanker owners and managers have paused offering their vessels for Middle Eastern routes as they assess the risks,

Iran has threatened to close the Strait of Hormuz, through which roughly a third of the world’s oil and gas is exported via ships. But the threat may be bluster amid reports today that Iran is seeking to de-escalate the fighting with Israel and statements by President Trump, who said he will not allow the Strait to close.

The young girl sits on the dusty floor, clutching her father’s shoe close to her chest as she cries and screams in anger. Bisan Qwaider is unconsolable. Her father has just been killed while trying to get food for her and her 10 hungry siblings.

When Israel first started bombing Iran, many in Russia saw it as an opportunity, a means of drawing support and attention away from Ukraine.

Stocks rose and oil prices retreated on Monday as investors shrugged off the continuation of hostilities between Israel and Iran over the weekend.