Asia mar­kets in Hong Kong and Japan re­act af­ter the U.S. and Is­rael’s at­tacks on Iran Oil prices are leap­ing Mon­day with wor­ries that the Iran war will clog the glob­al flow of crude and make in­fla­tion even worse. U.S. stocks, mean­while, are swing­ing be­tween sharp loss­es and a tiny gain.

Crude prices jumped more than 5%, which will like­ly mean high­er prices soon at gaso­line pumps. That would hurt not on­ly U.S. house­holds, whose spend­ing makes up the bulk of the U.S. econ­o­my, but al­so busi­ness­es with big fu­el bills.

The S&P 500 fell as much as 1.2% at the start of trad­ing, and cruise lines and air­lines led the way low­er. But the in­dex quick­ly erased most of the loss, in part be­cause past mil­i­tary con­flicts have not led to sus­tained drops for mar­kets, and it fell 0.1% in af­ter­noon trad­ing.