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.

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 nu

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