Oil futures were moderately higher after the U.S. conducted retaliatory strikes against Iran for the downing of an Apache helicopter, while President Trump warned Iran has taken too long to negotiate a deal and will have to “pay the price.

The fresh strikes from the U.S., and the warning Iran issued in return, have brought renewed instability to the markets.

Oil prices and stock markets worldwide swung through a shaky Monday with uncertainty about what will happen with the Iran war. The S&P 500 swiveled between gains

Oil markets jolted higher Monday after Iran threatened to shut the Strait of Hormuz amid escalating tensions in the Middle East. West Texas Intermediate crude surged 7% to about $94 a barrel and Brent climbed 6% to roughly $97,

U.S. markets hovered near all-time highs Monday and oil rose more than 2% after President Donald Trump appeared to dismiss Iran’s response to a U.S. peace plan. Futures for the S&P 500 were essentially unchanged,

The attacks, which strained a two-month cease-fire between Iran and the United States, were the latest jolt to energy markets.

President Donald Trump has repeatedly said a deal with Tehran to reopen Hormuz is close, but such an agreement still has not materialized.