Relative calm returned to global markets, with stocks climbing and oil sinking alongside gold as fears subsided that Israel’s war against Iran would escalate into a wider conflict. Equities extended gains on news reports Iran is signaling it wants to restart talks over nuclear programs.

Israel and Iran continue to fire a volley of missiles and drones at one another, targeting energy infrastructure as well as residential areas. The conflict, which has killed over 220 people so far since Friday (June 13),