The greatest risk the oil markets face is that Iran retaliates against Israel airstrikes by closing the Strait of Hormuz, which is critical to global energy shipments.

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.

Oil prices climbed on Monday, extending Friday's rally, as renewed strikes by Israel and Iran over the weekend increased concerns that the battle could widen across the region and significantly disrupt oil exports from the Middle East.

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.

Oil futures soared in electronic trade late Thursday after Israel's attack on Iran, with West Texas Intermediate crude, the U.S. benchmark, up nearly 10% in electronic trade on the New York Mercantile Exchange.