Financial markets are taking war headlines in stride, at least now, two and a half hours before Wall Street's opening bell.

I'm David Brancaccio in Los Angeles after U.S. bombs targeted Iran's nuclear facilities and amid concerns about possible responses by Iran,

stock bond and oil markets are in a holding pattern in previous crises.

Money has shifted from riskier to safer and into U.S. government bonds today no so far.

The U.S. 10-year treasury bond is not higher but slightly lower, pushing the 10-year interest rate up to 4.39%.

Dow futures are little changed, but S&P and NASDAQ futures are up

a tenth of a percent, while stocks in London are tracking that pattern. Germany is down three-tenths

percent. The key index in China closed up seven-tenths of a percent. And crude oil, up but not

wildly, up seven-tenths of one percent, $74.37 a barrel in New York,

among concerns that Iran has the capability to shut or disrupt shipping, including crude oil,

through that narrow stretch of water between Oman and Iran.

Marketplaces Mitchell Hartman has more.

On Sunday, Iran's parliament reportedly passed a non-binding

resolution to close the Strait of Hormuz, through which an estimated one quarter of seaborne oil

and one-fifth of liquefied natural gas is shipped to global markets. Mostly that oil and gas flows

from Iran and the Gulf states to Asia, especially China. Meaning, says Cornell economist

Ishwar Prasad, such an escalation by Iran, would certainly turn all of the Middle East,

and it would also turn some of their allies like China against them. Overall, it would certainly

put a damper on the world economy because that would inevitably mean an increase in the price of oil.

Analysts estimate cutting off these Middle East oil supplies could send global crude prices up well above $100 a barrel.

Oil has spiked about 12% since Israel started its bombing campaign against Iran on June 13th.

Prasad is in China now and says the concern there is palpable.

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