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.

Crude oil futures rose more than 2% Tuesday, after President Donald Trump called for the evacuation of Tehran as Israel and Iran traded strikes for a fifth day.U.S. crude oil increased $1.52, or 2.10%,

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.

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.

Oil prices are rising as traders once again express concern about disrupted Middle East supplies as the conflict between Israel and Iran continues. The cost of crude has been highly volatile in recent sessions as the market reacts to signs of escalation and hopes for a ceasefire.

Oil prices are on the rise again after former U.S. President Donald Trump called for the evacuation of Tehran, sparking fears of a broader Middle East conflict. As missiles fly between Israel and Iran,