Israel’s air strikes on Iran, followed by the Islamic Republic’s retaliation, rippled through markets Friday, prompting traders to pile into options for protection amid ongoing questions of long the conflict can last.

Israeli equities closed higher on Sunday despite an escalation in hostilities between Israel and Iran, with investors appearing to shake off early concerns about the regional conflict. The Tel Aviv Stock Exchange’s benchmark TA-35 index ended the day up 1%,

Gold prices were little changed on Wednesday, hovering close to their last high as investors reacted to economic data, persistent geopolitical tensions, and cautious signals from the Federal Reserve. The broader backdrop of global uncertainty continues to lend support to the precious metal.