Oil surges after Israel’s attack on Iran, as markets slide – business live

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Israel launches strikes on ‘dozens’ of targets in Iran, targeting nuclear programme

Gold is heading towards a record high, as investors seek out safe-haven assets.

The spot price of gold has jumped 1% to $3,418 per ounce, towards the all-time peak of $3,500/oz set in April.

Safe haven assets are back in demand with gold prices at seven-week highs at over $3,400 per ounce. Diminishing risk appetite, as well as the potential for lower interest rates on cash paint, a positive picture for investors in the yellow metal.

Euro STOXX 50 futures, which track blue-chip euro zone stocks, dropped 1.4%, with contracts on the German and French benchmarks each down over 1%.

Futures on Britain’s oil- heavy FTSE fell 0.4%.