Julie Morgan

For now, traders are focused on whether shipping resumes normally or whether the conflict triggers a sustained oil shock with broader economic consequences.

Gold prices crossed $5,400 overnight as safe haven demand mounted in the wake of the U.S.-Israeli strikes on Iran.

As of the time of this recording, spot gold is up 2.2 percent at $53.95 after reaching a four-week high overnight.

Gold has gained about 25% year-to-date and 87% over the past year.

ING strategists noted that the gold market remains underpinned by strong central bank buying and expectations of policy easing later this year.

They added even if tensions stabilize, these structural drivers suggest downside should be limited, with any pullbacks likely to be shallow rather than trend-reversing.

Spot silver is also on the rise, up 1.8% at 95.47.

FedEx on Monday said that pickup and delivery services across Bahrain, Kuwait, Iraq, Qatar, and the UAE have been temporarily suspended until further notice, warning that shipments to and from other markets in the region could also face longer transit times amid the disruption.

The company said it is closely monitoring the situation and will resume services as soon as it is safe to do so.

Potentially relevant logistics companies amid disruption from the Middle East situation include UPS, DHL, XPO, GXO Logistics, Expeditors International, CH Robinson, and J.B.

Hunt.

FDX is down 2.6% pre-market.

Now for a look at a few other articles that are trending.

The major topic continues, of course, to be the Middle East.

Airline stocks are diving as tensions rise in the Middle East.

A betting frenzy over Iran's supreme leader triggers backlash and scrutiny of prediction markets.

And we're looking at the volatility of the quant rating of defense stocks on rising U.S.-Iran tensions.

A few items to tell you about on our Catalyst Watch for the Day.

The Department of Justice antitrust trial against Live Nation Ticketmaster will take place.

The three-day Morgan Stanley Technology, Media, and Telecom Conference in San Francisco will begin.