Wall Street's main indexes opened higher on Monday as easing oil prices supported sentiment despite ongoing attacks between Israel and Iran, while investors focused on the upcoming Federal Reserve meeting.

Calm returned to Wall Street, and U.S. stocks rallied, while oil prices gave back some of their initial spurts following Israel’s attack on Iranian nuclear and military targets at the end of last week.

Stay updated on this week's market dynamics with Wall Street Breakfast. Key topics: Fed rate decision, Israel-Iran tensions, oil prices, & earnings reports.

Wall Street analysts don't expect much in the way of fireworks during the Federal Reserve's upcoming post-meeting press conference, slated for Wednesday. But one strategist believes the central bank could take an unconventional step regarding its messaging to help keep its options open.

Fed meeting is a key economic event, with Wall Street keyed into what Fed Chair Powell & Co. have to say about interest rates and the economy.

A prolonged Israel-Iran conflict could push oil prices sharply higher, potentially prompting the Federal Reserve to either hasten rate cuts due to an economic slowdown or delay them to combat rising inflation.

Iran has been sending signals to Israel and the U.S. through Arab intermediaries as it looks to de-escalate the conflict and resume talks over the nuclear deals.

U.S. stock indexes rose on Monday as oil prices retreated after the Israel-Iran attacks left crude production and exports unaffected, allaying investor concerns ahead of a Federal Reserve policy meeting.

Encouraging economic data has boosted market hopes for Fed rate cuts, but policymakers remain cautious amid lingering uncertainty over tariffs and the labor market.

Wall Street is reacting to the ongoing conflict between Israel and Iran. CBS News MoneyWatch correspondent Kelly O'Grady reports.