Oil rises on Monday amid heightened tensions in the Middle East, raising concerns that the conflict may drag on.

Global shares sank on Monday after Wall Street ended last week with its worst day since October, while oil prices jumped more than $4 as fighting flared between Israel and Iran. South Korea’s Kospi led the global retreat,

Oil prices pared gains after Iran said it ended military operations against Israel, easing fears that the latest exchange of fire could derail regional efforts to end the war and reopen the Strait of Hormuz.

U.S. stock-index futures swung back for forth Sunday, after a massive tech selloff on Friday interrupted Wall Street’s two-month rally, and after new developments threatened the fragile ceasefire in the Iran war.

Brent crude and WTI futures were rising after Israel and Iran exchanged fire, putting hopes of a peace deal at risk.

Oil prices erased most of their earlier gains on Monday morning after Iran signaled that it had concluded the latest military operation against Israel.

Global shares sank on Monday after Wall Street ended last week with its worst day since October, while oil prices jumped more than $4 as fighting flared between Israel and Iran. South Korea’s

Global oil prices remained higher on Monday, although they gave back part of their earlier gains after Iran and Israel announced a halt to military operations following diplomatic efforts led by U.S.