An abrupt surge in oil prices could cause inflation to rise and spark volatility in markets. Brent on Tuesday jumped to the highest level since November.

Wall Street is bouncing back. The S&P 500 rose 0.6% Thursday and was on track to break the two-day losing streak it’s been on since setting an all-time high.

Uncertainty over military readiness and the stability of a post-regime Iran has led to a delay in any potential swift US military action, tempering geopolitical fears and causing commodity markets to tumble.

Aggressive layoffs, efficiency gains, and exits from loss-making low-carbon ventures helped the five supermajors generate about $96 billion in free cash flow.

Wall Street was poised to open with gains on Thursday and oil prices tumbled 4% after U.S. President Donald Trump said he was told that plans for executions in Iran have stopped, even as Tehran signaled fast trials and executions ahead in its crackdown on protesters.

Oil prices rose after slipping earlier in the session. Julius Baer said prices are likely to trade in the high $50s for much of this year.

"Unrest in Iran has added about $3-$4 a barrel in geopolitical risk premium in oil prices, in our view," Barclays analysts said in a note. Markets are also grappling with concern over additional crude supply hitting the market with a resumption in Venezuelan ​exports.