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.

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.