A key concern for markets would center around the potential impact of the developments in the Middle East on oil prices and thus on inflation.

A US attack on Iranian nuclear sites could push oil prices even higher and trigger a knee-jerk rush to safety, investors said, as they assessed how the latest escalation of tensions would ripple through the global economy.

Oil market braces for price surge after U.S. attacks on Iranian nuclear facilities. Analysts predict disruptions to Middle Eastern oil infrastructure.

The greatest risk the oil markets face is that Iran retaliates against Israel airstrikes by closing the Strait of Hormuz, which is critical to global energy shipments.

Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.