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.

Crude prices bounced as news of fresh attacks rolled in, including another wave of Iranian missiles launched at Israel and more Israeli strikes on Iran.

Oil prices fell and stocks closed higher on Monday, indicating optimism among investors about the limits of economic fallout from the ongoing Israel-Iran conflict.