Stocks moved sharply higher Monday morning, recovering from steep losses the previous session, as investors keep close tans on the latest developments in the ongoing conflict between Israel and Iran.

The missile exchanges dominate global market focus as it intensified fears of energy supply disruptions. West Texas Intermediate (WTI) crude futures climbed as high as $74.78 per barrel Sunday evening, but eased back to below $72.54 per barrel this morning, though that remains 11% above where it traded last Monday.