Oil prices surged and global equities slumped on Friday after Israel carried out airstrikes against Iranian nuclear and military facilities, an operation officials in Jerusalem signaled could continue for days. The predawn raids marked a sharp escalation in long-simmering tensions between the two regional rivals. Tehran retaliated within hours, firing roughly 150 missiles at targets inside Israel, according to battlefield reports. The exchange intensified fears that the confrontation could spread, threatening energy flows through the Strait of Hormuz, a conduit for about one-fifth of the world’s seaborne crude. In commodities trading, Brent crude jumped as much as 14% during Asian hours and settled up about 7-8%, while West Texas Intermediate climbed nearly 9% to trade above $80 a barrel, levels last seen in January. Gold, another traditional haven, briefly topped $3,400 an ounce as investors sought shelter from mounting geopolitical risk. The shock rippled through financial markets. The Dow Jones Industrial Average closed 750 points lower, a drop of roughly 1.8%, while the S&P 500 lost 0.9% and the Nasdaq Composite slid about 1%. European and Asian benchmarks fell more than 1%, and U.S. Treasury prices rose alongside the dollar as investors pared exposure to risk assets.