Global stock markets dropped and oil prices surged after Israel launched a wide-ranging attack on Iran’s nuclear facilities, rattling markets and sending investors fleeing into safe-haven assets.

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.