Global Markets React as Tensions Escalate in Middle East

Oil prices surged and global stocks fell amid fears of escalating tensions following Israel's attack on Iranian nuclear sites. The S&P 500 and other major stock indices experienced significant declines as concerns grew regarding the impact on global oil supplies and the economy.

The global market experienced turbulence as oil prices surged and stock indices plummeted, fueled by escalating tensions in the Middle East. Israel's assault on Iranian nuclear sites has prompted fears of further conflicts that could disrupt global oil supplies.

In response, the S&P 500 fell 0.7% during early trading on Friday, on course for its worst performance in over two weeks. The Dow Jones Industrial Average also recorded a significant drop of 423 points, or 1%, while the Nasdaq saw a decrease of 0.8%.

These developments come as the price of a barrel of benchmark US crude oil escalated by 7.3%, underscoring the market's anxiety given Iran's role as a key oil producer.

(With inputs from agencies.)