BANGKOK (AP) — The U.S. and Israeli attacks on Iran rattled world markets early Monday, with U.S. futures falling more than 1% and oil prices soaring.

Japan’s Nikkei 225 index lost 2.3% shortly after the open and shares also fell in Australia.

The price of gold rose 2.3% to 5,380.60 and silver gained 2.1%.

Traders were betting the supply of oil from Iran and elsewhere in the Middle East would slow or grind to a halt. Attacks throughout the region, including on two vessels traveling through the Strait of Hormuz, the narrow mouth of the Persian Gulf, have restricted countries’ ability to export oil to the rest of the world.

Prolonged attacks would likely result in higher prices for crude oil and gasoline, according to energy experts.

The Associated Press