Stocks were poised to open later Monday as the U.S. and Iran traded threats over the weekend and oil hit $111 a barrel on global markets.

The heightened uncertainty over the course of the conflict comes as analysts await Friday’s monthly jobs report from the Labor Department. Expectations are for an increase of around 53,000, down from the surprising 178,000 gain in March.

President Donald Trump on Sunday said the U.S. would help cargo ships from nations not involved in the war though the narrow Strait of Hormuz, and then on Monday there were reports from Iran that it had fired at a U.S. Navy vessel, though those were denied by the American military.

“For the good of Iran, the Middle East, and the United States, we have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business,” Trump wrote.

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The news means that the Iran conflict will remain the main driving force in the markets and the economy for the immediate future even as fresh economic data on the job market will dominate the week’s economic agenda.

“The timetable and results of the negotiations between the U.S. and Iran are uncertain, but both have an incentive to wind down the war reasonably soon, which we assume will include a full opening of the Strait of Hormuz and a significant decline in oil prices,” Bob Doll, CEO and chief investment officer at Crossmark Global Investors, wrote on Monday. “Moreover, generally sturdy recent data amidst the war appears to have buttressed investor confidence in the resilience of the global economy, consistent with the view that we have repeatedly expressed. The global economy will not be fully back to the pre-war trend even by the end of the year, but the upward growth trajectory should be clear and both monetary and fiscal policies are pro-growth, and financial conditions remain easy.”

On Tuesday, the government will report the number of open jobs for March, following February’s 6.9 million level. Hires in February fell to their lowest level since 2020 as companies adopt a “low hire, low fire” posture. Forecasts are for a slight dip in jobs.

Then on Wednesday, private payroll firm ADP will release its employer survey for April. Expectations are for a gain of 98,000 after March’s 62,000 increase.

But Friday will be a big day, and labor market experts will be looking to the breadth of the job market to see whether employment gains have come outside of healthcare and education, sectors that have recorded a lot of the gains in recent months.

There will also be the preliminary reading on consumer sentiment for May from the University of Michigan. That is expected to be roughly in line with April, when sentiment declined across the board.

“Employers likely added jobs at a moderate pace in April, holding the unemployment rate steady at a goldilocks level of 4.3%,” Bill Adams, chief economist at Comerica Bank, wrote on Monday. “Wage growth likely picked up in year-over-year terms, though not enough to offset higher inflation. It won’t be possible to judge that precisely until next week, when the April CPI report is published.”