The costs of chartering tankers to move oil from the Middle East to Asia have climbed and ship bookings have slowed as the Israel-Iran conflict fuels worries of potential disruptions, industry sources told Reuters on Monday.

Ecaterina Bigos, CIO of Core Investments at AXA Investment Managers, says tariffs remain the most important aspect affecting global markets amid risk factors, including the escalating tensions in the Middle East.

Attacks force shift in U.S. plan for diplomatic deal in Iran and efforts to disentangle from region.

U.S. aircraft carrier USS Nimitz left the South China Sea on Monday morning heading west, according to data from ship tracking website Marine Traffic, after a reception for its planned port call in central Vietnam was cancelled.

AMANEY A. JAMAL is Co-Founder and Co-Principal Investigator at Arab Barometer, Dean of the Princeton School of Public and International Affairs, and Edwards S. Sanford Professor of Politics and International Affairs at Princeton University.

Israel’s attack on Iran has catapulted their long-running conflict into what could become a wider, more dangerous regional war and potentially drive prices higher for both businesses and households.

Gold rose to a near two-month high on Monday, as intensified clashes between Israel and Iran over the weekend stoked fears of a broader regional conflict, pushing investors towards safe-haven assets.

Major equity indices, which had been hovering near all-time highs, pulled back as geopolitical risks surged back to the forefront.