The escalating conflict in the Middle East dragged stocks lower and sent oil prices surging on Friday, marking the latest geopolitical episode to rattle the markets this year. Stocks fell sharply after Israel launched a wide-ranging attack against Iran’s nuclear facilities and military leadership,

Oil prices have spiked amid fears that the Israel-Iran crisis could spiral into a broader conflict involving the United States. Brent North Sea Crude and West Texas Intermediate – the two most popular oil benchmarks – rose 4.4 percent and 4.3, respectively, on Tuesday as US President Donald Trump demanded “unconditional surrender” from Tehran.

Oil prices soared on Friday as tensions in the Middle East flared, with Israel attacking Iranian military and nuclear targets and Iran retaliating.