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The Guardian - US
The Guardian - US
Business
Mark Sweney and Joanna Partridge

Oil and gold prices soar and stock markets fall after Israel’s attacks on Iran

Gold Iran Israel Oil United States
Gold bars
The price of gold rose 1.5% to $34,434 an ounce, close to the record high of $3,500 it hit in April. Photograph: Siphiwe Sibeko1/Reuters

The price of oil and gold has soared and stock markets have fallen after Israel’s strikes against targets in Iran.

The escalation of the conflict in the Middle East, the focal point of global oil production, prompted a sharp increase in wholesale prices. Brent crude surged by more than 7% after news of the attacks broke, briefly moving above $75 (£55) a barrel to its highest level since April.

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