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.

Analysts with ING financial group outlined four possible avenues for Iran: full escalation that also draws in other nations such as China or Russia; disruption of the Strait of Hormuz; active or passive support for terrorist attacks in the U.S. and Europe; or taking no action at all.

Those moves extended as the day progressed, especially in the afternoon when Iran announced retaliatory measures. The strikes on a US air base in Qatar were viewed as a half-measu