US stocks are climbing, and the price of oil is tumbling on growing hopes that Iran will not disrupt the global flow of crude, something that would hurt economies worldwide but also its own, following the United States’ bunker-busting entry into its war with Israel.

The S&P 500 was 0.7% higher in afternoon trading, coming off a week where stock prices had jumped up and down on worries about the conflict potentially escalating. The Dow Jones Industrial Average was up 269 points, or 0.6%, as of 2 p.m. Eastern time, and the Nasdaq composite was 0.8% higher.

The price of oil did jump 4% shortly after trading began Sunday night, a signal of rising worries as investors got their first chance to react to the U.S. bombings. But it quickly erased all those gains and swung to a sharp loss as the focus shifted from what the U.S. military did to how Iran would react.

By Monday afternoon, the price of a barrel of benchmark US oil was down 6.1% at $69.34. Brent crude, the international standard, dropped 5.3% to $71.50 per barrel. That brought oil prices nearly back to where they were before the fighting began over a week ago, when a barrel of US crude was just above $68.

The losses accelerated sharply Monday after Iran announced a missile attack on Al Udeid Air Base in Qatar, which the US military uses.

Iran said it matched the number of bombs dropped by the United States on Iranian nuclear sites this past weekend, which could be a potential signal of a desire to deescalate the conflict.

Perhaps most importantly for financial markets, that retaliation did not seem to target the flow of oil. The fear throughout the Israel-Iran war has been that it could squeeze the world’s supply of oil, which would pump up prices for it, gasoline and other products refined from crude.