By Saqib Iqbal Ahmed, Suzanne McGee and Linda Pasquini NEW YORK/GDANSK (Reuters) -Investors were on edge ahead of markets reopening late on Sunday, with risks ranging from heightened prospects of a broad Middle East war to U.

Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.

Iran’s oil ministry has confirmed that the Shahran fuel and gasoline depot was hit and set afire during the Israeli attack on Saturday night. A major fire is burning, witnesses say. The depot, with at least 11 storage tanks, is in an affuent affluent neighborhood of luxury high-rises.

Soaring oil prices following Israel's airstrikes on Iran's nuclear facilities could turn out to be a boost for Russia's war effort. Israel launched Operation Rising Lion against Iran's nuclear facilities in the early hours of Friday morning,

U.S. oil benchmark prices climbed roughly 7% to about $73 a barrel, the highest level since early April. U.S. government borrowing costs climbed. Tech stocks like Nvidia and Tesla moved lower, while shares in oil and defense-industry firms like Chevron, Lockheed Martin, and Palantir traded up.

Oil prices soared on Friday as tensions in the Middle East flared, with Israel attacking Iranian military and nuclear targets and Iran retaliating.

Benchmark U.S. crude futures rose by more than 10% to trade above $75 a barrel, the highest price since January and before President Trump's April tariff announcements had energy traders penciling in slower economic growth and lower fuel demand.

Israel's attack on Iran sparked the biggest jump in crude oil prices since Russia's invasion of Ukraine more than three years ago. Stocks fell sharply.

Oil prices climbed nearly 9% after Israel launched widescale strikes against Iran targeting nuclear facilities and missile factories.

Follow live updates as Iran retaliates after Israel strikes nuclear facilities. Stay informed with real-time news and developments.