US oil prices rose nearly 4 percent on Thursday afternoon (local time), while US stock futures fell sharply. This comes amid reports of explosions near Isfahan airport in Iran, CNN reports. US oil prices rose 3.7 percent to $85.80 a barrel, while Brent crude, the global benchmark, rose 3.4 percent to $90.13 a barrel.
“Market sentiment has been tense since Iran's missile and drone attack on the Jewish state over the weekend,” CNN quoted analysts as saying. Israel's response could determine whether oil supplies are ultimately threatened.
Middle East crisis: gold prices rise, Nikkei falls
The rise in the price of gold shows that investors are increasingly taking refuge in safe investments. As a result, gold futures rose one percent to $2,422.4 an ounce in Asian trading on Friday morning.
Meanwhile, stock markets in Asia have fallen due to investors' lower risk appetite, analysts said. CNN reported that Japan's Nikkei 225 fell 3.5 percent, while South Korea's Kospi lost 3 percent and Hong Kong's Hang Seng Index lost 1.5 percent. China's Shanghai Composite fell slightly 0.1 percent.
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