By Wayne Cole

SYDNEY (Reuters) -Wall Street share futures slipped on Monday and oil prices briefly hit five-month highs as investors anxiously waited to see if Iran would retaliate to U.S. attacks on its nuclear sites, with resulting risks to global activity and inflation.

Early moves were contained, with the dollar getting only a minor safe-haven bid and no sign of panic selling across markets. Oil prices were up around 2%, but already well off their initial peaks.

Optimists were hoping Iran might back down now its nuclear ambitions had been curtailed, or even that regime change might bring a less hostile government to power there.

Analysts at JPMorgan, however, cautioned that past episodes of regime change in the region typically resulted in oil prices spiking by as much as 76% and averaging a 30% rise over time.

Key will be access through the Strait of Hormuz, which is only about 33 km (21 miles) wide at its narrowest point and sees around 20% of the world's daily oil consumption.

"With the U.S. becoming involved, the risk of Iran retaliating by disrupting the flows of oil from the Middle East has risen significantly," warned analysts at ANZ. "Prices in the $90–95/bbl range would be the likely outcome."

For now, Brent was up a relatively restrained 1.9% at $78.46 a barrel, while U.S. crude rose 2% to $75.30. Elsewhere in commodity markets, gold edged up 0.2% to $3,375 an ounce. [GOL/]

Share markets were proving resilient so far, with S&P 500 futures off 0.3% and Nasdaq futures down 0.5%, having both started with losses near 1%.

Nikkei futures were just a fraction lower at 38,380, pointing to a small opening fall for the cash index.

The dollar edged up 0.2% on the Japanese yen to 146.36 yen, while the euro dipped 0.3% to $1.1485. The dollar index firmed 0.25% to 99.008.

There was also no sign of a rush to the traditional safety of Treasuries, with futures up only 1 tick.

Futures for Federal Reserve interest rates were a tick lower, likely reflecting concerns a sustained rise in oil prices would add to inflationary pressures at a time when tariffs were just being felt in U.S. prices.

Markets are still pricing a slim chance the Fed will cut at its next meeting on July 30, even after Fed Governor Christopher Waller broke ranks and argued for a July easing.

Most other Fed members, including Chair Jerome Powell, have been more cautious on policy leading markets to wager a cut is far more likely in September.

At least 15 Fed officials are speaking this week, and Powell faces two days of questions from lawmakers, which is certain to cover the potential impact of President Donald Trump's tariffs and the attack on Iran.