The U.S. and Israel's war with Iran is working its way through the world's financial markets.

From Marketplace, I'm Sabri Beneshire in for David Brancaccio.

Oil prices have been jumping around this morning, but you can bet they're up about 6 to 7%.

Gold, a safe haven for investors, is up about 2%.

Let's talk about it with Julia Cornado.

She's founder of macro policy perspectives and a professor at UT Austin.

Hey, Julia.

Good morning.

So let's start with oil prices.

They are up.

Supply is threatened.

Does that persist and show up at the gas pump?

It probably won't take long for it to show up at the gas pump.

It's a pretty big jump, and, you know, we just don't know how long this conflict is going to last.

So, yeah, I would say that consumers will be seeing higher gas prices pretty quickly.

Moving on to another corner of the market, bond yields.

Usually bonds are a place. People put their money when they get a little freaked out, and that results in the yield dropping.

That happened, and then it didn't.

What do you make of that?

Well, I think we're in a world where markets and investors are increasingly

uncertain about where their money is safe. You know, that sort of fits this pattern we've seen

in recent months where the typical flight to safety doesn't favor U.S. interest rates. It's gotten

...