US stocks experienced a significant decline on Friday as concerns over escalating tension in the Middle East prompted investors to seek refuge in safe-haven assets like bonds and gold. The Dow Jones Industrial Average dropped 475 points, or 1.2%, while the S&P 500 and Nasdaq Composite fell by 1.5% and 1.6%, respectively. This downward trend resulted in all three major indexes finishing the week in negative territory.
The White House issued alerts for potential attacks by Iran or its proxies following an Israeli strike in Damascus, further fueling apprehensions in the market. Oil prices surged on Friday due to fears of heightened regional tensions exacerbated by the conflict in Gaza. Brent crude futures settled at $90.45 a barrel, while West Texas Intermediate crude futures reached $85.66 a barrel.
