The price of oil surged after Israel launched a wave of strikes in Iran, killing the head of its army and raising the risk of war in the Middle East.
Brent crude jumped by as much as 13pc to more than $76 a barrel - its biggest intraday gain since the early days of the Ukraine war in March 2022 - as uncertainty ramped up in global markets.
Gold rose as much as 1.7pc close to a record high and the US dollar bounced back from the three-year lows hit on Thursday as investors sought out safe haven assets.
Israel killed Iran’s chief of the military staff General Mohammad Bagheri as part of a wave of strikes on Iran, including at Tehran’s enrichment facility Natanz.
Iran said it would launch a “harsh and decisive” retaliation, pushing the price of oil higher and wiping out its losses so far this year.
