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.

Oil prices rose to their highest in seven weeks on Wednesday as U.S. President Donald Trump said a deal had been done with China, heightening expectations of a de-escalation in trade tensions between the world's two largest economies.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

Ukrainian President Volodymyr Zelensky says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues.

Traders on Friday exchanged the most $80 West Texas Intermediate (WTI) crude oil call options since January, expecting more upside to prices after Israeli airstrikes on Iran sparked fears of a wider Middle East conflict.

Oil rose in the early Asian trade amid Middle East tensions that could lead to supply disruptions.

Nigeria’s naira rose for a seventh day to a two-month high against the dollar on Tuesday amid higher oil prices and as investor concerns over US trade tariffs eased.

Oil prices rose to a seven-week high on Wednesday as markets assessed the outcome of U.S.-China trade negotiations, while pessimism over U.S.-Iran nuclear talks also provided support. Brent crude futures were up 82 cents,

A sharp rise in global oil prices following Israeli strikes on Iran will benefit Russia and bolster its military capabilities in the war in Ukraine,

Oil prices leapt, and stocks fell on worries that escalating violence following Israel's attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.