Global markets have remained relatively calm amid the escalating tensions between Israel and Iran. But that sentiment could quickly shift, according to experts, if the conflict affects the Strait of Hormuz.

Cargo movement through the Strait of Hormuz has marked a small decline, but there’s been no major disruption to key oil infrastructure so far, easing some of the worst fears about the ongoing conflict between Iran and Israel.

Oil prices were stable on Monday after Iran's oil production infrastructure was excluded from intensification of military conflict with Israel, while the Strait of Hormuz remains open

Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

Oil prices leaped, and stocks slumped on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.

New Jersey gas prices inched up over the past week as hostilities between Israel and Iran rattle global oil markets and push up petroleum costs.