STORY: Wall Street stocks clawed their way back from a steep selloff to close higher on Monday, notching a final-hour rebound as U.S. President Donald Trump suggested that the Iran conflict could be close to ending.All three indexes staged a late comeback, with the Dow ending half a percent higher, the S&P 500 gained more than eight tenths of a percent, while the Nasdaq rose almost 1.4%.Early in the session, oil prices reached their highest levels since mid-2022 due to constricted supply arising from shipping disruptions as the war on Iran entered its tenth day.That fed fears of a broader inflation spike until Trump predicted the war in the Middle East could be over soon and after reports of a possible ease in sanctions on Russian energy.The uncertainty is fueling volatility that could persist, says Kevin Mahn, president and chief investment officer of Hennion & Walsh Asset Management."Oil is moving markets, and until we see a tanker or at least multiple tankers for that matter, pass successfully through the Strait of Hormuz unharmed, I think this volatility is going to stick in the markets, but I think that volatility will subside at least as it relates to the Strait of Hormuz. The longer that strait stays closed, the more of an impact that's going to have on oil prices, the more of an impact that's going to have on investor psyche, the more of an impact that's going to have on global economic growth."Wall Street's fear gauge, the VIX index of U.S. stock market volatility, jumped to its highest level since the tariff turmoil in April of last year.Semiconductor stocks bounced back, with SanDisk climbing more than 11% and shares of chip leader Nvidia advancing more than two and a half percent.But bank stocks including Wells Fargo and Bank of America ended the session lower despite the broad market rebound.