Stock markets around the world slumped and oil prices surged after Israel on Thursday launched a military strike on Iran.
“Any remaining hopes for sub-$60 [barrel per] oil prices this year must now be buried. Israel’s attacks early Friday against Iran, directed against nuclear facilities, missile sites and senior personnel, are a marked departure from earlier exchanges between the two Middle Eastern powers,” Tom Holland, global research director with investment advisory firm Gavekal, told clients in a note.