The average return on the stocks is negative for the week and month after geopolitical conflicts. The economic risk is higher oil prices, a headwind to global growth.

Oil markets are entering a new phase of uncertainty after the U.S. entered the war between Iran and Israel, said industry watchers.

The initial round of Israeli attacks sent oil prices 7 percent higher on Friday. Still, at about $74 a barrel, Brent crude remains below the $80 average for 2024, the Deutsche Bank analysts wrote. The market continued to waver, though, and by Monday, oil prices had fallen about 3 percent.