Markets Fluctuate as Iran-Israel Tensions Escalate
-
Cryptocurrency prices sank after Iran launched drones at Israel, indicating markets are pricing in risks from a wider Mideast war. Bitcoin fell 5%, ether 7%, and XRP 13.5%.
-
Oil prices spiked 3% on Friday and bonds rallied sharply as reports indicated an imminent Iranian attack, signs of investors seeking safe havens.
-
The U.S. dollar hit a 5-month high against the euro as geopolitical tensions caused investors to turn away from riskier emerging market currencies.
-
Gold prices initially surged to new record highs before reversing those gains late Friday, illustrating its traditional safe-haven appeal.
-
With Iran attacking Israel directly, risks grow of the U.S. being drawn into engagements with Iran in support of ally Israel.