Oil surges after Israel's strikes against Iran. Brent tops $78 a barrel earlier in the biggest intraday gain since Russia's March 2022 invasion of Ukraine. Crude's implied volatility surges.

Risk aversion grips broader markets on fears of a wider war in the Middle East. Stocks in Asia fall along with US and European equity-index futures.

Investors rush to the safety of haven assets. Gold rallies more than 1% while the US dollar strengthens against most of its G10 peers. The yen and Swiss franc are little changed.

Markets in Asia brace for the ripple effect of the dollar's slide to a three-year low, according to a Bloomberg gauge. That comes as benchmark Treasury yields fell for a fourth day, as the 30-year bond auction capped a week of strong offerings. Automakers' shares may also be hit by the latest tariff threat.

Oil climbed, reversing earlier losses, after American media reported Israel is stepping up plans to attack Iran's nuclear facilities. The US has warned Israel against such a move, but has also threatened military action if Iran refuses to abandon uranium enrichment.