The calming in the oil market came as several analysts said Iran would likely refrain from closing the waterway. Iran itself uses the strait to move its own crude, mostly to China, and it needs the revenue made from such sales of oil.

Global markets appeared to take the U.S. strike against nuclear targets in Iran in stride as investors watched to see how Iran will react. The price of oil initially jumped more than 2% but fell back slightly on Monday.

U.S. benchmark oil prices were only marginally higher Monday morning, an outcome that reflects investors shifting into wait-and-see mode as they take stock of Iran’s response to U.S. strikes on its nuclear facilities.