Stocks rose and oil prices retreated on Monday as investors shrugged off the continuation of hostilities between Israel and Iran over the weekend.

Stock futures ticked lower before markets reopened Friday morning amid uncertainty among investors over the Middle East and whether the United States was about to get directly involved in the Israel-Iran conflict.

Financial markets may be in for a "knee-jerk" selloff if the U.S. military attacks Iran, with economists warning that a dramatic rise in oil prices could damage a global economy already strained by President Donald Trump's tariffs.