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.

Looking ahead, investors will watch closely for updates on the Israel-Iran conflict, the US Federal Reserves decisions, and how the monsoon season develops in India. Investors are expected to be cautious because stock prices are already high and political tensions continue.

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.