Oil prices soared and stocks tumbled on Friday amid fears that escalating tensions — triggered by Israel’s strikes on Iranian nuclear and military sites — could disrupt global crude supply and weigh on the world economy.
The S&P 500 fell 1.1%, erasing earlier weekly gains. The Dow Jones Industrial Average dropped 769 points, or 1.8%, while the Nasdaq composite declined 1.3%.
The sharpest movement came in the oil markets. U.S. benchmark crude spiked 7.3% to $72.98 per barrel, while Brent crude, the global benchmark, climbed 7% to $74.23.
