The escalating conflict in the Middle East dragged stocks lower and sent oil prices surging on Friday, marking the latest geopolitical episode to rattle the markets this year. Stocks fell sharply after Israel launched a wide-ranging attack against Iran’s nuclear facilities and military leadership,

Some of the world’s largest oilfields, including in Saudi Arabia and Iraq, are also within reach of Iran’s missiles and drones. In 2019 Iran was widely believed to be behind an attack on Saudi Arabian oil facilities that briefly pushed the price of crude.

US and Brent crude prices jumped on fears of supply disruption from the Middle East as Iran has repeatedly threatened to close a key shipping route.