Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.

If oil supplies are disrupted, U.S. President Donald Trump will likely call on the OPEC+ alliance led by Saudi Arabia to tap its considerable spare production capacity, Helima Croft, head of global commodity strategy at RBC Capital Markets LLC, and a former CIA analyst, said in a note on Friday.

U.S. oil benchmark prices climbed roughly 7% to about $73 a barrel, the highest level since early April. U.S. government borrowing costs climbed. Tech stocks like Nvidia and Tesla moved lower, while shares in oil and defense-industry firms like Chevron, Lockheed Martin, and Palantir traded up.

US stocks fall on Israel-Iran worries, with Dow down xxx pts. Oil rises on supply worry. Gold hit a record high and US dollar rises on flee to safety.

Despite not relying on Iran for its oil supplies, petrol and other prices in Australia will rise due to the global impact of the Israel–Iranian war.

Israel's attack on Iran sparked the biggest jump in crude oil prices since Russia's invasion of Ukraine more than three years ago. Stocks fell sharply.

Salem predicts that this attack may push Iran to make a deal with the U.S, "the outlines of which might be that Iran accepts to forgo enrichment inside Iran, with a big deal with the U.S. and the U.S. lifts sanctions on Iran and that could obviously lead to a sudden and rapid decline in oil prices, so one has to keep that in mind."

Israel’s stunning attacks on Iran’s nuclear program and military leadership are embroiling the Middle East in another deadly war — and could imperil President Donald Trump’s pledge to slash oil prices for American consumers.