World stock markets tumbled on Friday and oil prices surged as Israel launched a military strike on Iran, sparking a rush into safe havens such as gold, dollar and Swiss franc. An escalation in the Middle East - a major oil-producing region - adds uncertainty to financial markets at a time of heightened pressure on the global economy from U.

The market slide comes after Israel launched strikes on Iran's nuclear sites and other targets early Friday, the start of what Israel said could be a days-long attack. Iran respon

Crude oil prices spiked by over $10 on the initial news that Israel was bombing Iran’s nuclear facilities and targeting its key military leaders. The price surge should be expected, given that Iran accounts for slightly over 3% of global production and, more importantly, holds 12% of the world’s proven crude oil reserves.