Stock market today: Oil prices and defense stocks climb after Israel declares war on Hamas

NEW YORK — Oil prices are climbing Monday on worries about the possible ramifications of violence in the Middle East. The stock market is less fearful, though, and flipped from early losses to gains.

That gave stocks some oxygen and helped them erase modest losses from the morning. The S&P 500 had sagged by 0.6% in its first trading after The area under conflict is not home to major oil production, but fears that the fighting could spill into the politics around the crude market sent a barrel of U.S. oil up $3.59 to $86.38. Brent crude, the international standard, rose $3.57 to $88.15 per barrel.

Monday’s rise in crude helped oil and gas stocks to some of Wall Street's biggest gains. Marathon Oil rose 6.7%, and Halliburton climbed 6.8%. The Fed has already hiked its overnight rate to the highest level since 2001, and it indicated last month it may cut rates next year by less than earlier expected. With the Fed also continuing to shrink its trove of bond investments, the yield on the 10-year Treasury has jumped to its highest level since 2007.

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