Oil prices soar, stocks slide after Israel strikes Iran
iol Rescue teams work outside a heavily damaged building, targeted by an Israeli strike in the Iranian capital Tehran on June 13, 2025. Israel carried out strikes against Iran early on June 13, targeting its nuclear and military sites as well as residential buildings in Tehran, after US President Donald Trump warned of a possible "massive conflict" in the region. (Photo by AFP)
Image: AFP
Oil prices soared and stocks sank Friday after Israel launched strikes on nuclear and military sites in Iran, stoking fears of a full-blown war.
Oil futures rocketed more than 13 percent at one point, reaching the highest levels since January and reigniting worries about a renewed spike to inflation.
Fears of a higher-cost environment sent share prices sliding for a majority of companies across Asia and Europe.
Energy majors jumped, however, as despite a pullback heading into the Wall Street open, crude was still up by around 8.5 percent.
The dollar jumped, while gold -- viewed as a safe haven investment -- was close to its record high of above $3,500 an ounce set in April.
"Global markets are being rattled by an escalation of Middle East tensions," noted Richard Hunter, head of markets at trading group Interactive Investor.
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"Asian markets were the first to react to the news overnight, with (stock market) declines across the board."
Europe followed suit, with almost all the continent's stock indices in negative territory nearing the half-way stage.
Iran called Israel's wave of strikes a "declaration of war", after the Israeli military hit about 100 targets including nuclear facilities and killed senior figures, among them military chiefs and top nuclear scientists.
US President Donald Trump told Fox News he had prior knowledge of the Israeli strikes, which Israel said involved 200 fighter jets.
Trump also stressed that Tehran "cannot have a nuclear bomb".
Iran's supreme leader Ayatollah Ali Khamenei warned Israel it faced a "bitter and painful" fate over the attacks, while the Iranian military said there were "no limits" to its response.
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Rocket trails in the sky after Iran struck Israel with barrages of missiles, following a massive onslaught targeted the Islamic republic's nuclear and military facilities. Iran struck Israel early Saturday with barrages of missiles after a massive onslaught targeted the Islamic republic's nuclear and military facilities, and killed several top generals. Air raid sirens and explosions rang out across Israel overnight, with its military calling on residents to take refuge in bomb shelters Saturday morning. The Israeli military said dozens of missiles - some intercepted - had been fired in the latest salvos from Iran. Smoke was billowing above skyscrapers in downtown Tel Aviv, an AFP journalist reported, as Iran's Revolutionary Guard said it had attacked dozens of targets in Israel. Israeli emergency services said rocket fire on a residential area killed two people in the coastal plain on Saturday. "Among the casualties: a woman around 60 was rescued without signs of life, a man around 45 was evacuated in critical condition... and was later pronounced dead," the Magen David Adom said in a statement, adding that 19 others were wounded. Heavy death toll in Iran In Iran's capital Tehran early Saturday, fire and heavy smoke billowed from Mehrabad airport, an AFP journalist said, as local media reported a blast in the area. Iran said earlier it had activated its air-defence system and explosions could be heard across the capital. Dozens of people took to the streets of Tehran overnight to cheer their country's military response, with some waving national flags and chanting anti-Israel slogans. Iran's ambassador to the UN said on Friday that 78 people had been killed and 320 wounded in the first wave of strikes by Israel. After a day of back-and-forth bombardments, UN chief Antonio Guterres called for the two nations to cease fire. "Enough escalation. Time to stop. Peace and diplomacy must prevail," he wrote on X late Friday. Calls for dialogue US officials said they were helping Israel defend against the missile attacks, even as Washington insisted it had nothing to do with Israel's strikes on Iran. US President Donald Trump agreed on a call with UK Prime Minister Keir Starmer that "dialogue and diplomacy" were needed to calm the crisis, Starmer's office said. Trump also spoke with Israel's Prime Minister Benjamin Netanyahu Friday, US officials said, without elaborating. Iran's missile salvo came hours after Israel said its widespread air raids had killed several top Iranian generals, including most of the senior leadership of the Revolutionary Guards' air force. It had launched several rounds of strikes that hit about 200 targets including nuclear facilities and air bases. Iran's supreme leader Ayatollah Ali Khamenei vowed to bring Israel "to ruin" during a televised address. 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Iran currently enriches uranium to 60 percent, far above the 3.67-percent limit set by a largely moribund 2015 agreement with major powers, but still short of the 90 percent threshold needed for a nuclear warhead. AFP
