NEW YORK — U.S. stocks slumped on Tuesday under the weight of another jump for the price of oil. It was a return to form for financial markets after Wall Street’s worries about Israel’s fighting with Iran had seemed to calm a bit on Monday.

Stocks lost ground in early trading Tuesday, while oil prices moved higher, as investors monitored developments in the escalating conflict between Israel and Iran and digested disappointing economic data.

Chinese refineries have become hooked on cheap imports of sanctioned Iranian crude.

U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.

Oil prices slipped $1 per barrel on Monday in volatile trading after reports that Iran is seeking an end to hostilities with Israel, raising the possibility of a truce and easing fears of a disruption to crude supplies from the region.

Oil prices dropped Monday after Tehran signaled it is seeking to cool hostilities with Israel and resume negotiations over its nuclear programs. B

Global shares have advanced and oil prices have fallen back slightly as Iran unleashed a fresh wave of missile attacks on Israel early Monday.

New Jersey gas prices inched up over the past week as hostilities between Israel and Iran rattle global oil markets and push up petroleum costs.