<\/p>\n
U.S. stocks fell sharply Friday as escalating military conflict between Israel and Iran sent oil prices soaring and investors retreating from risk assets.\u00a0<\/p>\n
The Dow Jones Industrial Average closed down 1.79%, while the S&P 500 closed down 1.13% and the Nasdaq lost 1.30%.\u00a0<\/p>\n
Israel launched strikes on Iran\u2019s nuclear and missile facilities late Thursday evening, prompting retaliatory missile launches from Iran during the final hours of Friday\u2019s U.S. trading session. <\/p>\n
Oil and defense stocks climbed. Brent crude jumped<\/a> more than 7%, briefly surging 14% during Asia trading hours, while WTI crude approached $74 a barrel.\u00a0<\/p>\n ExxonMobil rose<\/a> around 2%, and defense firms Lockheed Martin and RTX gained about 3% each. Gold rose 1.4% to $3,432 an ounce, nearing its April record.<\/p>\n <\/p>\n The sell-off ended what was shaping up<\/a> to be a positive week for equities.\u00a0<\/p>\n Global markets followed suit. European and Asian equities posted losses<\/a> of more than 1%. U.S. Treasury yields rose, with the 10-year note climbing 7.9 basis points to 4.436%, reversing earlier declines on safe-haven demand. The dollar also rebounded, gaining 0.5%.<\/p>\n President Trump urged Iran to return to nuclear talks and warned of further consequences, citing a missed 60-day deadline. Meanwhile, Iran canceled<\/a> planned negotiations with the U.S.<\/p>\n