Oil prices surged by more than 3% due to escalating tensions in the Middle East following Israel’s strike on Iran early Friday morning.
The price of West Texas Intermediate (WTI) crude, the American benchmark, rose by 3.66% to $85.76 per barrel, while the price of Brent crude increased by 3.44% to $90.11 per barrel.
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Safe-haven assets, considered refuge for investors, also saw an uptick. Spot gold prices soared to a new historic high at $2,411.09 per ounce, while the yen strengthened by 0.45% to 153.93 against the US dollar.