The dramatic escalation in tensions between Israel and Iran caused a spike in the price of crude and raised fears among oil traders about disruption to shipping in the Strait of Hormuz, one of the world’s most vital waterways.

Ongoing conflict between Middle Eastern countries Iran and Israel has got the world concerned about the impact of supply disruptions in global oil

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.