Wall Street opened slightly lower while oil and gold rose as Tuesday marked the fifth day of fighting between Israel and Iran, with the risk of a widening conflict dampening risk appetite in a week also packed with key central bank decisions.

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

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.

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.

New Jersey gas prices inched up over the past week as hostilities between Israel and Iran rattle global oil markets and push up petroleum costs.

This latest iteration of the Middle East crisis is both familiar and unfamiliar. We’re all back obsessing about the oil price, yet we also know from the last few years that that same oil price has appeared somewhat impervious — oblivious?