The U.S. move to blockade the critical Strait of Hormuz has led to a familiar market response: surging crude prices, rising bond yields and a firmer dollar.

But this time, the reaction has been notably restrained, barring oil movements. Equities fell relatively modestly Monday, suggesting investors have priced in much of the geopolitical risks and are growing less reactive to headlines.

“There’s a belief that a lot of this is negotiation tactics,” said Billy Leung, investment strategist at Global X ETFs, referring to Trump’s announcement. “Markets have reached peak uncertainty. The reaction…