By Ronnie Harui
Oil prices surged Friday after Israel launched a wide-ranging attack on Iran's nuclear facilities, rattling markets and sending investors fleeing into safe-haven assets.
Israel said the attack targeted Iran's nuclear program and other military sites, as well as Iranian military commanders and nuclear scientists. Dozens of planes wrapped up the first wave of the attack before dawn Friday, Israel said.
Front-month WTI crude oil futures jumped 11% to $75.28 a barrel and front-month Brent crude oil futures climbed 10% to $76.35 per barrel.
"The announcement of Israeli airstrikes on Iran has reignited fears of a broader regional conflict, driving oil prices higher on potential supply disruption risks," said Charu Chanana, chief investment strategist at Saxo Markets.
Safe-haven assets such as gold, government bonds, the Japanese yen and the Swiss franc also strengthened as the attack spurred investors to pare down risk.
Spot gold rose 1.6% to $3,438.89 per troy ounce.
The 10-year yield on U.S. Treasurys fell 2 basis points to 4.3332%, while that on Japanese government bonds dropped 4.5 basis points to 1.410%, and the 10-year yield on Australian sovereign securities declined 8 basis points to 4.1540%.
The dollar edged down 0.2% to 144.19 yen and was 0.3% lower at 0.8078 against the franc.
Most Asian equity markets weakened, with the Nikkei Stock Average losing 1.3% and South Korea's Kospi dropping 1.1%.
"Safe-haven assets like gold and the yen are catching a bid, while equities are under pressure as investors cut risk ahead of the weekend," Chanana added.
Write to Ronnie Harui at ronnie.harui@wsj.com
(END) Dow Jones Newswires
June 12, 2025 23:27 ET (03:27 GMT)
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