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.

Oil prices fell and stocks climbed in early trading on Monday, indicating optimism among investors about the limits of economic fallout from the ongoing Israel-Iran conflict. The Dow Jones Industrial Average surged 415 points, or 1%, erasing much of the losses suffered on Friday as back-and-forth strikes broke out between the two countries.

Oil prices leaped, and stocks slumped on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.