Energy stocks rose alongside rising oil prices in premarket trading on Monday while overall stock futures wobbled. Those with oil production in the US and outside the Middle East caught a bid as investors weighed the possibility of further disruption to the oil supply following the US strikes on Iran.

The Energy Select Sector SPDR Fund (XLE) advanced 0.6% and has risen 6% in the past month.

Here's a look at how trending energy stocks are trading this morning:

View more trending tickers here.

Here are some top stocks trending on Yahoo Finance in premarket trading:

Tesla (TSLA) stock rose over 1% in premarket trading after rolling out its driverless taxi service to riders on Sunday. The debut of the robotaxi was introduced to a handful of riders, which included retail investors and social-media influencers in Tesla's hometown of Austin.

Wolfspeed (WOLF) stock fell 11% in premarket trading on Monday after announcing it plans to file for bankruptcy in the US under a new restructuring agreement with its creditors. The agreement would provide fresh financing and slash debt by nearly 70%.

Northern Trust Corporation (NTRS) shares rose 4% before the bell after a report from The Wall Street Journal said that Bank of New York Mellon Corp had reached out to the asset and wealth manager and expressed interest in a merger.

Most investors will awaken today searching online for "Strait of Hormuz" after the weekend attacks from the US on Iran. For speed of analysis purposes, if this key oil shipping hub closes down (seems like it won't happen, based on everything I am seeing this morning), it could really send oil (CL=F, BZ=F) prices skyrocketing.

Here's what Goldman's team estimates:

"If oil flows through the Strait of Hormuz were to drop by 50% for one month and then were to remain down 10% for another 11 months, we estimate that Brent would briefly jump to a peak of around $110."

Read more here on Goldman's scenarios.

Gold pushed higher with the world in limbo as the US joined Israel's attack on Iran over the weekend. No formal response has been issued by Iran, with wider fallout expected.

Spot gold climbed 0.2% to $3,375.04 an ounce taking it to within $125 of its record high as investors sought safe-haven assets in a tumultuous economic situation.

Gold then sank 0.5% despite broader haven demand.

Bloomberg reports:

Read more here.

Wall Street is closely watching escalating tensions in the Middle East after President Trump confirmed that the US launched a surprise strike on Iran’s nuclear sites late Saturday, marking the country’s official entry into the two-week-old conflict.

Markets have held mostly steady in the aftermath of the escalation, although US stock futures fell across the board when trading opened Sunday evening.

Additionally, bitcoin (BTC-USD) prices, often viewed as a barometer of risk appetite, dropped over 1.6% to trade around $100,500 a coin. WTI crude (CL=F) and Brent (BZ=F) futures jumped, trading near $76 and $79 a barrel, respectively, as uncertainty looms over the potential closure of the critical Strait of Hormuz despite ongoing threats from Iran.

The latest surge follows oil’s third consecutive week of gains on Friday.

"We wouldn’t be surprised to see this spark a risk-off reaction in US equities and will be watching the futures closely on Sunday evening and Monday morning," Lori Calvasina, head of US equity strategy research at RBC Capital Markets, wrote in a Sunday evening note to clients.

"It has been and remains our belief that the longer and broader the conflict becomes, the more challenging it could be for US equities," Calvasina added. "These escalations come at a tricky time for US equities, as the S&P 500 has looked fairly valued to us (perhaps a bit overvalued) from a fundamental perspective, with more room to run from a sentiment perspective."

The analyst said her three main concerns include: first, the risk that rising national security uncertainty could weigh on equity valuations; second, the possibility that renewed geopolitical tensions could stall the recovery in sentiment that began after the early April tariff lows; and third, the potential for a spike in oil prices, which could fuel inflation concerns.

In terms of sectors, Energy (XLE) tends to outperform when oils prices rise, while Consumer Discretionary (XLY) and Communication Services (XLC), along with Entertainment, Media, and Interactive Media, tend to lag behind the broader market, Calvasina noted.

Citi analyst Stuart Kaiser agreed that sharply higher oil prices remain "the channel for geopolitical risks to impact stock markets," identifying crude prices "well above $80 a barrel" as a critical threshold for concern.

Kaiser added that options markets are now pricing in a 10% chance that oil surges 20% over the next month, up from just 2.5% two weeks ago, reflecting mounting tail risks as the conflict deepens.

Still, the analyst pointed to resiliency in stocks amid the volatility, saying, "Markets powered through extreme oil volatility and unstable geopolitical headlines to post a risk-on week."

Oil prices rose Sunday evening, with investors taking stock of the US entry into the Israel-Iran conflict and how Iran might respond.

Much of the focus has turned to Iran's status as a major oil producer and whether it might seek to close the Strait of Hormuz, through which about one-fifth of the world's oil and gas flows.

Iran's parliament reportedly pushed for the strait's closure, though it left the ultimate decision up to Iran's top national security body.

That may be by design, as Yahoo Finance's Ben Werschkul details:

Read more here.

Futures tied to the S&P 500 (ES=F) fell 0.6%. (NQ=F) futures dropped 0.7%. Dow Jones Industrial Average futures (YM=F) lost around 0.6%.

Oil, both Brent (BZ=F) and WTI, rose over 3%.