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.

They've since come off highs and were trading almost 8% higher at about $73 a barrel at 8:30 a.m. ET.International benchmark Brent crude oil futures gained as much as 13% and were up about 7% above $74.

Iran is reportedly considering closing the Strait of Hormuz, a critical global oil chokepoint, as tensions with Israel escalate,