The collapse of talks between the US and Iran is poised to push energy prices back up and weigh on stocks globally.

Markets have been rocked by volatility throughout the war, and US President Donald Trump’s plan to blockade the Strait of Hormuz is likely to stem last week’s relief rally, which was triggered by the two-week ceasefire.

But analysts cautioned the market reaction could be limited if traders view the breakdown in talks as only a temporary setback.

This week also marks the start of a new earnings season, as investors parse for new clues about the conflict’s economic impact: A report on Friday showed US inflation surged in March as the war drove up gas prices.