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 prices fell sharply Tuesday, returning to levels seen before the Iran-Israel conflict, as investors cheered news of a ceasefire, albeit fragile, between the two countries.

U.S. stocks rallied, and oil prices tumbled on hopes that Iran will not disrupt the global flow of crude, even with the United States’ entry into its war with Israel. A barrel of benchmark U.S.

European stocks stumbled on Monday, as investors nervously eyed the threat of Iranian retaliation following joint U.S.-Israeli strikes on Iran's nuclear sites over the weekend.