Market Turmoil: Stocks Plummet, Oil Prices Soar Amid Middle East Tensions

In a dramatic turn of events, Asian stock markets took a nosedive on Friday. This was driven by a massive selloff in Wall Street futures and a surge in oil prices following Israel's military action against Iran.

The strikes intensified geopolitical tensions in a key oil-producing region, injecting new uncertainty into global financial markets. This comes at a time when President Trump's aggressive trade policies have already put pressure on the economy.

As investors scrambled to safe havens like gold and the Swiss franc, market reactions were swift. Oil prices jumped approximately 9%, while stock indices across the globe, from the U.S. to Japan, experienced significant declines.

(With inputs from agencies.)