Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

Oil prices leaped, and stocks slumped on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.

A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.

Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

Oil prices leapt, and stocks fell on worries that escalating violence following Israel's attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.

Forbes Global 2000, but over half lost ground due to falling oil prices and weak refining margins, with BP dropping 374 spots.

An hour with a big fixed income manager is a discussion of the big issues. Expect volatility, he says – a bit of a tired line, although not an untrue one.