Israel has attacked Iran in the largest recent escalation of tensions in the region. Markets reacted swiftly to the news, with the three major gauges all plunging over 1%.
Gold (GC=F) and oil prices surged with investors scurrying to safer assets, hoping to avoid the worst of a financial shake up.
Iran is the fourth largest producer of oil within OPEC+, and the attack has caused prices to surge over 5%. Brent crude (BZ=F) futures jumped 5.5% to $73.27 a barrel while West Texas Intermediate surged 5.9% to $72.05 a barrel.
Gold (GC=F) popped 0.9% to $3,434.40 an ounce.
A retaliatory attack from Iran against Israel is expected imminently, with a ‘special situation’ being declared by the Isreali defense minister.
US Secretary of State Marco Rubio said Israel took “unilateral action”, clarifying that the US was not involved in the strikes ahead of a sixth meeting between the US and Iran on Sunday.