By Wayne Cole and Alun John SYDNEY/LONDON (Reuters) -World shares nudged up on Monday, helped by oil walking back some of last week's increase, though the conflict between Israel and Iran remained a concern,

Geopolitical tensions in the Middle East could drive oil prices as high as $120 per barrel according to JP Morgan, benefiting Exxon Mobil's earnings outlook. Applying the Graham Number, Exxon Mobil's intrinsic value ranges from $103 to $134 per share, depending on EPS scenarios.

Oil prices recently jumped on worries over the fallout from escalated tensions in the Middle East, but not to levels that risk leading to a recession, according to DataTrek Research. Based on recent U.

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.

Rising Middle East tensions have driven oil prices higher, potentially boosting Texas Pacific Land's future earnings. Read why TPL stock is a hold for now.

Iranian missiles damaged the US embassy in Tel Aviv, escalating tensions. Israel retaliated with strikes on Iran's energy sector, while both sides continued attacks.

The costs of chartering tankers to move oil from the Middle East to Asia have climbed and ship bookings have slowed as the Israel-Iran conflict fuels worries of potential disruptions, industry sources told Reuters on Monday.

Oil supplies from the Middle East face increasing risk as the conflict between Israel and Iran drags on, according to RBC Capital Markets LLC, which warned that energy is now “clearly in the crosshairs.