Oil jumped and stocks slid after Israel attacked Iran’s nuclear program sites in a major escalation of tensions in the Middle East. Gold advanced.Brent crude gained 8.3%, having earlier surged as much as 13% in the biggest intraday jump since March 2022. S&P 500 futures were down 1.2% after paring deeper losses. US Treasuries were little changed, with the yield on the 10-year note at 4.36%. Gold rose 1% to the highest in more than a month, while the dollar rebounded 0.4% from Thursday’s three-year low.The airstrikes against Iran’s nuclear program and ballistic-missile sites renewed a standoff between two adversaries that risks spiraling into a wider conflict. While the reaction was strongest in crude oil, other pockets of the market suggested that investors are watching how long the tensions will last and whether the situation escalates.“We are seeing classical risk-off moves,” said Matthew Haupt, portfolio manager at Wilson Asset Management. “What we are watching now for is the speed and scale of the response from Tehran. That will shape the duration of the current moves. Quite often these moves fade after the initial shocks.”Bitcoin Sinks As Israel Escalates Iran Standoff With AirstrikesThe attack is coming at a time when equity markets had recovered from a slump in April that was caused by US President Donald Trump’s tariff war. An index of global stocks touched a record Thursday, gaining more than 20% from a low hit in April. “Short term it will be used as an excuse or a catalyst by investors for some profit taking, after a very strong come-back of risk assets,” said Vincent Mortier, chief investment officer at Amundi SA. “Price reaction of historical safe havens has been minimal. We believe the events of last night will remain localized and will not degenerate into something more global.”Energy stocks rose in premarket trading on the back of crude oil gains, with Exxon Mobil Corp. and Chevron Corp. both advancing more than 2.5%. Defense contractors such as RTX Corp. and Lockheed Martin Corp. also moved higher on expectations of elevated military spending.Travel stocks were under pressure.Stock Market Today: All You Need To Know Going Into Trade On June 13Israel said the operation will continue for “as many days” as it takes to remove the threat. Iran vowed to retaliate against Israel and, possibly, US assets in the Middle East.Trump urged Iran to make a deal “before it is too late.”The strikes follow repeated warnings by Israeli Prime Minister Benjamin Netanyahu to cripple Iran’s nuclear program. Iran had previously said it would inaugurate a new uranium-enrichment facility in response to censure by the UN atomic watchdog over its nuclear program.Any persistent gain in oil prices could fuel inflation, adding to the challenges confronting the Federal Reserve and other central banks as policymakers also contend with the repercussions of Trump’s trade war. For now, changes in the prices of crude futures pointed to fears of a drawn-out conflict.“What will be interesting moving forward is to look at bond yields to see how much of the move is due to anticipations on the impact of inflation and how much is a flight to safe havens,” said Kevin Thozet, a member of Carmignac’s investment committee. Other Highlights:Investigators have started combing the wreckage of Air India flight AI171 as they seek to determine what caused the Boeing Co. Dreamliner to crash shortly after takeoff Thursday afternoon.Walmart Inc. and Amazon.com Inc. are exploring issuing their own stablecoins, the Wall Street Journal has reported.Meta Platforms Inc. has finalized a multibillion-dollar investment in Scale AI and recruited the startup’s chief executive officer to join its artificial intelligence efforts.French banking group BPCE agreed to acquire Lone Star’s Novo Banco SA in a deal valuing the Portuguese lender at an estimated €6.4 billion ($7.4 billion).StocksS&P 500 futures fell 1.2% as of 6:11 a.m. New York timeNasdaq 100 futures fell 1.4%Futures on the Dow Jones Industrial Average fell 1.2%The Stoxx Europe 600 fell 0.8%The MSCI World Index fell 0.3%CurrenciesThe Bloomberg Dollar Spot Index rose 0.4%The euro fell 0.6% to $1.1520The British pound fell 0.5% to $1.3547The Japanese yen fell 0.4% to 144.08 per dollarCryptocurrenciesBitcoin fell 1.1% to $104,805.12Ether fell 4.6% to $2,520.4BondsThe yield on 10-year Treasuries was little changed at 4.36%Germany’s 10-year yield advanced two basis points to 2.49%Britain’s 10-year yield advanced four basis points to 4.52%CommoditiesWest Texas Intermediate crude rose 8.5% to $73.84 a barrelSpot gold rose 1% to $3,420.90 an ounceStock Market Highlights: Investors Lose Rs 2.96 Lakh Crore As Sensex, Nifty Slump On Israel-Iran Tensions. Read more on Markets by NDTV Profit.