Investors reacted to Hamas and Israel’s war at the start of the week by driving up oil prices and selling the Israeli currency.

Despite falling earlier in the trading session, US stocks staged a comeback Monday afternoon following a surprising strong job report.

There was a 0.6% gain in the Dow Jones Industrial Average. There was a 0.6% increase in the S&P 500, while a 0.4% increase in the Nasdaq Composite.

Monday morning, stocks fell as global investors feared the conflict in Israel could spill over to the wider region, and that prolonged tensions in the Middle East would harm the global economy. Wall Street, however, seems to be taking a wait-and-see approach for now regarding the financial risks associated with the conflict in the Middle East.

As of right now, there are a lot of ‘maybes’ and ‘ifs’ — and a lack of clarity,” said David Donabedian, chief investment officer of CIBC Private Wealth US. In addition to climbing bond yields and the Federal Reserve’s monetary policy decisions, the markets will continue to look at everything.

Despite Israel not being a major oil producer, investors who had sold off oil in recent weeks were spooked by escalating tensions in the Middle East.

Since late September, US oil has fallen from around $95 a barrel in late September to just above $80 a barrel because of inflation, fear of a global economic downturn, and a correction to recent price surges.

On Monday, US oil prices settled at $86.38 a barrel, while Brent crude futures, the global benchmark, rose to $88.15 a barrel. Their recent highs are far below their current levels.

The central bank of Israel said it would sell up to $30 billion worth of foreign currencies to stabilize the currency and maintain market liquidity.