Oil, Gold prices surge over report of Israeli missile strike on Iran  

Oil and gold prices surged in response to reports of an Israeli missile strike on Iran, according to BBC sources.

Brent crude rose by 1.8% to $88 a barrel, while gold prices neared record highs, briefly reaching $2,400 an ounce.

Investors closely monitored developments amidst concerns over potential disruptions to oil supplies in the Middle East.

Although initial reports indicated a 3.5% spike in oil prices, gains receded after Iranian state media claimed no damage in Isfahan province.

The escalating tensions also raised concerns about potential disruptions to shipping through the crucial Strait of Hormuz, affecting approximately 20% of the world’s total oil supply.

In response to the uncertainty, stock markets in Asia experienced declines, with Japan’s Nikkei 225 index dropping 2.7% and Hong Kong’s Hang Seng declining by 1.2%.