Oil and gold prices have risen this Friday morning following a report by US officials saying an Israeli missile had struck Iran.
Both oil benchmarks gained in early trading, initially jumping over 3% on news of explosions in Iran as the conflict continues to influence investor sentiment and drive market fluctuations which has been closely watched by them since last weekend.
Brent crude, the international benchmark, rose to over $90 a barrel after reports emerged of an attack by Israel, before falling back to $87 a barrel when Iran sought to downplay the significance.
Gold briefly came close to a record high before settling below $2,400 an ounce.
According to BBC, there are concerns a worsening conflict in the Middle East could disrupt oil supplies as sharp and sustained rises in oil prices risk fueling inflation. Countries are heavily reliant on the commodity, which is used to produce fuels such as petrol and diesel.
The gold price often rises at times of uncertainty as it is seen as a safe investment.
