Experts have warned that a prolonged conflict could push global energy prices even higher.
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Foreign Office sources say no evacuation was imminent but the government is preparing for potential scenarios.
If oil prices remain high for some time, the knock-on effects could affect the costs of fuel and food
The prime minister says it remains the case that the UK will "not join offensive action now".
The majority of flights to key Middle Eastern hubs have been cancelled for Monday as the conflict continues.
Two people were killed and 14 injured, with the suspected gunman, identified by some media outlets, also shot dead.
Iran has carried out strikes against Israel, across the Gulf and against a British base in Cyprus in retaliation.
This is delicate terrain for the prime minister both in the UK and among international leaders too.
No casualties were reported and the base sustained "minimal damage", the Ministry of Defence said.
Eluned Morgan said Labour would redevelop hospitals in Cardiff and Wrexham, and support a new one in west Wales.