U.S. stocks slumped on Tuesday under the weight of another jump for the price of oil. It was a return to form for financial markets after Wall Street’s worries about Israel’s fighting with Iran had seemed to calm a bit on Monday.

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.

NEW YORK (Reuters) -Oil prices slipped $1 per barrel on Monday in volatile trading after reports that Iran is seeking an end to hostilities with Israel, raising the possibility of a truce and easing fears of a disruption to crude supplies from the region.