The U.S. stock market is rebounding after oil prices stopped spiking and reports gave encouraging updates on the economy. The S&P 500 rose 0.8% Wednesday.

Uncertainty about the war has sent prices in financial markets careening up and down hour by hour this week, with most taking their cues from what the price of oil is doing. Oil prices moderated as trading moved westward from Seoul and the rest of Asia to Europe and across the Atlantic.

"Oil and gas tanker traffic through the Strait of Hormuz has ground to a near halt, satellite data show, as oil firms and trading houses have put voyages on hold out of fear that Iran might target vessels passing through this maritime choke point,

Oil prices leaped on worries that war with Iran could clog the flow of crude, while U.S. stocks swung from sharp losses to tiny gains

The price of oil surged Monday as President Donald Trump signaled that the conflict between the U.S., Israel and Iran would potentially be drawn out for longer than a few weeks, raising concerns that the global energy market would face disruptions as a result.

Stocks recovered on Monday after tumbling earlier in the day over concerns that the U.S.-Israel attacks on Iran could drive up energy costs.

Stocks looked set to rally on Wednesday as investors hoped the conflict in the Middle East would not escalate into a long and drawn-out war. Futures tracking the Dow Jones Industrial Average climbed 106 points,

U.S. oil prices hit 2024 highs and stocks tumble as the Iran conflict escalates, threatening global markets and inflation.