The United States launched targeted strikes on three Iranian nuclear facilities, escalating Middle East tensions, prompting fears of soaring oil prices and drawing sharp reactions globally.

Oil prices surged on Friday as Israel’s air strikes against Iran threatened supplies across the region and sparked a rush to haven assets. Brent crude, the international benchmark, was up 6.5 per cent at $73.89 after earlier spiking more than 12 per cent. West Texas Intermediate, the US benchmark, climbed 6.6 per cent to $2.51.