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.

Israeli airstrikes targeting Tehran’s energy infrastructure have escalated the conflict with Iran, igniting major fires, disrupting global oil markets, and heightening fears of a wider regional war.

US and Brent crude prices jumped on fears of supply disruption from the Middle East as Iran has repeatedly threatened to close a key shipping route.