FLASH NEWS
Oil and gold prices rise sharply, while stock markets fall after Israel attacks Iran
2025-06-13 23:50:38 / BOTA
Oil and gold prices have risen sharply and stock markets have fallen after Israel carried out strikes on targets in Iran. The escalation of the conflict in the Middle East, the focal point of global oil production, has caused wholesale prices to rise sharply. Brent crude oil rose more than 7% after news of the attacks broke, briefly moving above $75 (£55) a barrel, its highest level since April.
Stocks fell on Wall Street, with the Dow Jones down 1.8%, the S&P 500 down 1.1% and the Nasdaq down 1.3%. Airline shares, including Delta, United and American, fell on fears that fuel costs could rise if there were problems with oil supplies.
News of the strikes hit the aviation industry, with airlines clearing airspace over the region and investors turning to safe-haven assets such as gold. British Airways owner IAG was the biggest loser on London's FTSE 100 index, closing down 3.7%, while shares in airline easyJet closed the day down 2.7%.
One of the biggest gainers on the UK blue-chip index was arms maker BAE Systems, up nearly 3%, reflecting concerns that the Israel-Iran conflict could escalate. In the US, the share prices of military suppliers including Lockheed, Northrop Grumman and RTX all rose. Oil companies BP and Shell also gained, with the former closing almost 2% higher and the latter just over 1% higher.
Gold prices were trading about 1% higher Friday afternoon at $3,426 an ounce, close to a record high of $3,500 hit in April. In Europe, major markets in Germany, France, Italy and Spain all closed at least 1% lower. In London, the FTSE 100 ended the day 34 points lower at 8,850, 0.4% below Thursday's record close.
Israel, which said its attack was a "preemptive strike" on Iran's nuclear program, has declared a state of emergency, while its military said Tehran had launched 100 drones in retaliation.
US Secretary of State Marco Rubio called Israel's attacks on Iran a "unilateral action" and said Washington was not involved. The flight to perceived safe haven assets has resulted in the yield on 10-year US Treasury bonds falling to a one-month low of 4.31%.
Much of the world's oil, as well as key commodities such as grain, pass through busy sea lanes in the Middle East, including the Strait of Hormuz. There are concerns in the maritime supply chain that the ongoing conflict between Israel and Iran could lead to a de facto closure of the strait, which is considered a vital entry point for container ships calling at ports in the wider Gulf region.
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