Market Turmoil: Israel-Iran Conflict Sparks Financial Jitters

Global stock markets plummeted on Friday following Israel's military strike on Iran, significantly impacting investor confidence. The heightened geopolitical tensions in the oil-rich Middle East spurred a flight to safe havens, with gold and the Swiss franc gaining attraction.

Investors witnessed a significant spike in crude oil prices, with Brent futures soaring $5.43 to $74.79 per barrel, while WTI futures rose $5.55 to $73.59 per barrel. Concurrently, the price of gold surged, reaching near-record highs. Stock markets across the world, including the U.S. and Asia, saw substantial declines as geopolitical risks compounded existing economic uncertainties.

The strike, termed by Israel as a preventive measure against Iran's nuclear advancements, incited retaliatory actions, further fueling fears of an extended conflict. As the market navigates through these turbulent waters, financial stability remains threatened by the ongoing strategic and economic disruptions.

(With inputs from agencies.)