Israel on Wednesday launched a phased airlift operation to bring home its citizens, after the country's military strike on Iran closed air space across the Middle East, leaving tens of thousands of Israelis stuck overseas.

Shares of energy companies fell as traders bet that Israel and Iran would step back from the brink of a full-scale regional war. Crude oil futures shed 1.7% to close at $71.77 a barrel in New York. Oil prices briefly dipped below the psychologically significant $70-per-barrel level after The Wall Street Journal reported that Iranian leaders indicated they were open to returning to nuclear negotiations as long as the U.