The move was interpreted as an attempt to ratchet down hostilities after the U.S. military action against Iran’s nuclear facilities.

The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.

Oil futures declined and U.S. stock indexes rose despite fears Iran will close the Strait of Hormuz, a key waterway for transporting oil around the world.

Oil prices oscillated on Monday, touching a five-month high before erasing most gains as oil and gas transit continued on tankers from the Middle East after U.S. airstrikes against Iran at the weekend.