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.

Stocks rose and oil prices retreated on Monday as investors shrugged off the continuation of hostilities between Israel and Iran over the weekend.

Stock futures ticked lower before markets reopened Friday morning amid uncertainty among investors over the Middle East and whether the United States was about to get directly involved in the Israel-Iran conflict.