Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

Financial markets look set to reopen Monday with investors squarely focused on escalating geopolitical tensions as Israel and Iran continue to bombard each other with no sign of a pause.Israel on Sunday reported new missile attacks from Iran,

The latest military attack on Iran by Israel has tanked stock markets and pushed up oil prices, but most asset managers think the impact on the U.S. economy and markets will be temporary as long as the conflict does not escalate further.

Crude oil prices spiked over 10 percent on June 13, marking their steepest weekly rise since 2022 as Israel conducted strikes on key Iranian installations.