Global energy executives gathered in the Malaysian capital on Monday for an industry conference with an eye on the dramatic escalation in the conflict between Israel and Iran, which has fuelled worries that it could widen and disrupt supply.

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

Global air traffic has been disrupted following Israel’s strikes on Iran Friday, with several major airlines suspending flights to and from locations in the Middle East and rerouting their planes to avoid much of the region’s airspace.

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.

Rising tensions with Iran and fears of an Israeli strike prompted the U.S. to move some of its nonmilitary personnel out of the region.

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.

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.

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.