ConocoPhillips becomes the first U.S. oil company to return to Syria in 14 years, signaling economic recovery after the civil war's end.

What happened: ConocoPhillips announced a deal to reenter Syria's oil and gas sector, expected to be formalized this week. The Syrian government said the deal could increase gas output by up to 5 million cubic meters per day within a year.

Why it matters: Syria's oil and gas industry collapsed during 14 years of civil war and has not operated at scale since the prewar output of 30 million cubic meters per day in 2011. A major international company's return signals the Assad regime has ended and foreign investors see enough stability to operate there again.

What to watch: The deal's success will depend on whether output targets are met and whether other international energy companies follow ConocoPhillips back into the Syrian market.