Israel strikes Iran: Asian stocks tumble, oil and gold surge; investors rush to safe havens
Asian markets were rattled on Friday after Israel launched a military strike on Iran, triggering a sharp selloff in US futures and global equities, while oil prices soared and investors rushed to safe havens like gold and the Swiss franc.
Markets reacted sharply after the strike, with fears of a wider conflict rattling investors. US, S&P E-mini futures fell 1.5% and Nasdaq futures dropped 1.7% by 0055 GMT.
In the Asian market, Japan's Nikkei slipped 1.4% and South Korea's KOSPI declined 1.2%.
US West Texas Intermediate jumped 10.21% to $74.99 a barrel, while global benchmark Brent rose 10.28% to $76.48.
Gold climbed 1% to around $3,419 per ounce as investors turned to safe-haven assets.
Israel launched a military strike on Iran late Thursday, with explosions reported across Tehran. The move marks a serious escalation in the long-standing tensions between the two nations, which have clashed for years over Iran's nuclear program.
The attack has sparked fears of a wider conflict in the Middle East, a crucial region for global oil supply. This comes at a time when financial markets are already under pressure due to the US President Donald Trump's ongoing trade policy changes.
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Israel declared a state of emergency, expecting a potential missile or drone response from Iran after what it called a "preemptive strike" targeting Iran's nuclear facilities.
The strike comes amid ongoing negotiations between the Trump administration and Iran regarding nuclear limitations.
US Secretary of State Marco Rubio confirmed American non-involvement, stating Israel acted independently.
"Tonight, Israel took unilateral action against Iran.
We are not involved in strikes against Iran and our top priority is protecting American forces in the region," said Rubio.
"Traders are scurrying for safety as reports of a strike on Iran cross the wires," Karl Schamotta, chief market strategist at Corpay in Toronto told Reuters.
"But details on the scale and magnitude of the attack remain scarce and moves have been relatively limited thus far," Karl added.
Tensions had been rising as efforts by Trump to strike a nuclear deal with Iran remained stalled. US and Iranian officials were set to begin a sixth round of talks on Iran's growing uranium enrichment program in Oman on Sunday, according to both sides.
The Swiss currency strengthened by 0.4% to 0.8072 against the US dollar, whilst the yen rose 0.3% to 143.06 per dollar.
Meanwhile, the euro slipped 0.3% to $1.1553, pulling back slightly after a 0.9% gain on previous day.
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