Major oil producers Russia and Iraq on Monday expressed "concern" over volatility in world energy markets amid the spiraling conflict between Iran and Israel following U.S. attacks on Iranian nuclear sites.

In a phone call between Russian President Vladimir Putin and Iraqi Prime Minister Mohammed Shia al-Sudani, the Kremlin said the two leaders "expressed concern about the emerging risks to global energy markets and emphasized the importance of continuing active cooperation within the OPEC+ format."

Several close U.S. allies urged a return to the negotiating table following American strikes on Iran that fueled fears of a wider conflict, while noting the threat posed by Tehran's nuclear program. Some countries and groups in the region, including those that support Iran, condemned the move while also urging de-escalation.

U.S. President Donald Trump described the damage as "monumental" after the U.S. hit three Iranian nuclear sites, though the U.S. assessment was unfinished.

Muslims will soon welcome a new year in the Islamic lunar calendar, known as the Hijri calendar.

The Hijri New Year, beginning on the first day of the month of Muharram, signals a chance for spiritual reflection and religious resolutions, set in the month following the annual Hajj in Mecca, Saudi Arabia.

Hezbollah has long been considered Iran's first line of defense in case of a war with Israel. But since Israel launched its massive barrage against Iran, triggering the ongoing Israel-Iran war, the Lebanese militant group has stayed out of the fray — even after the U.S. entered the conflict Sunday with strikes on Iranian nuclear sites.

A network of powerful Iran-backed militias in Iraq has also remained mostly quiet.

Hezbollah has condemned the U.S. strikes on Iran in a statement but did not threaten to join in Tehran’s retaliation.

“The blatant deceit and deception practiced by U.S. President Donald Trump, driven by illusions of control and arrogance ... confirms that the United States of America, along with the tyrants of arrogance, is a threat to the security and stability of the Islamic Republic,” the statement said.

The United States' bunker-busting entry into Israel's war with Iran is having only a modest effect on the price of oil and stock markets worldwide Monday, at least for now. The hope is that Iran won't retaliate in a way that disrupts the global flow of crude, which would hurt economies worldwide but also its own.

The S&P 500 was edging down by 0.1% in early trading, coming off a week where stock prices had jumped up and down on worries about the conflict potentially escalating. The Dow Jones Industrial Average was down 37 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.4% lower.

Iran said Monday the attacks launched on the Islamic republic during talks about its nuclear program were a "betrayal of diplomacy".

"We and future generations will not forget that the Iranians were in the middle of a diplomatic process with a country that is now at war with us," said foreign ministry spokesman Esmaeil Baqaei.

Prime Minister Nawaf Salam said that Lebanon needs to stay away from any possible regional spillover from the conflict, after the U.S. targeted Iran's main nuclear sites.

“It is increasingly important for us to adhere strictly to the supreme national interest, which is the need to avoid Lebanon being ... drawn into the ongoing regional confrontation in any way,” Salam said in a post on X.

Hours of talks aimed at de-escalating fighting between Israel and Iran failed to produce a diplomatic breakthrough as the war entered its second week with a fresh round of strikes between the two adversaries.

Global sales of personal luxury goods are "slowing down but not collapsing," according to a Bain & Co. consultancy study released Thursday.

Personal luxury goods sales that eroded to 364 billion euros ($419 billion) in 2024 are projected to slide by another 2% to 5% this year, the study said, citing threats of U.S. tariffs and geopolitical tensions triggering economic slowdowns.