Oil prices settled higher on Wednesday in a volatile session as investors weighed the chance of supply disruptions from the Iran-Israel conflict and potential direct U.S. involvement. Brent crude futures settled 25 cents higher at $76.

Iran’s oil exports have jumped since the nation came under attack from Israel on Friday, according to a firm that specializes in monitoring clandestine shipping.

Investors seem to think Israel and Iran will soon reach a resolution. At least that’s the obvious conclusion from watching how defense stocks traded on Monday. It’s no coincidence that shares of defense contractors all tumbled after The Wall Street Journal reported Iran signaled it wants to de-escalate hostilities with Israel and negotiate a deal.