The price of the benchmark Brent crude rose more than 10 percent, reaching its highest level since January, before losing some gains. Traders were concerned that a conflict between Iran and Israel could disrupt supplies coming from the energy-rich region. The cost of crude oil affects everything from how much it costs to fill up your car to the price of food at the supermarket.

After the initial jump, oil prices eased a little. But Brent crude still ended the day more than 7 percent  higher than Thursday's closing price, trading at USD 74.23 a barrel. Despite Friday's moves, oil prices are still more than 10 percent  lower than where they were at the same point last year. They are also well below the peaks seen in  2022 following Russia's invasion of Ukraine, when the price of crude soared well above USD 100 a barrel. Share prices fell across Asia and Europe on Friday. Japan's Nikkei share index ended the day down 0.9 percent, while the UK's FTSE 100 index closed 0.39 percent lower.

Stock markets in the US also closed down. The Dow Jones Industrial Average fell 1.79 percent  while the S&P 500 was down 0.69 percent . So-called "safe haven" assets such as gold and the Swiss franc made gains. Some investors see these assets as more reliable investments in times of uncertainty. The gold price hit its highest level for nearly two months, rising 1.2 percent  to USD 3,423.30 an ounce. (BBC)