Oil prices experienced a significant surge at midnight, starting with an immediate increase of about 13% to reach $82 per barrel, although they subsequently fell to just under $80 per barrel. This spike in oil prices follows a coordinated attack by the United States and Israel on Iran, which occurred early on Saturday morning, leading to devastating impacts within Iran, including the reported death of its Supreme Leader, Ayatollah Ali Khamenei. The geopolitical tensions are fueling concerns over the stability of oil supplies from the region, which directly affects global oil markets.

Additionally, Iran has responded to the attacks by launching missiles at several countries in the Middle East, further escalating the conflict. As a result of these events, the weekend saw various other markets open with significant volatility, particularly in the currency market, where the Norwegian krone showed signs of strengthening against many currencies. The opening rates indicated slight fluctuations, with the euro priced at 11.18 kroner, the dollar at 9.51 kroner, and the British pound at 12.75 kroner, reflecting a dynamic shift in market responses to the geopolitical crisis.

Commodity markets are also reacting, with gold prices rising as investors look for safe-haven assets amidst the heightened uncertainty. Historically regarded as a stable investment in times of turmoil, gold’s increase further illustrates the market's anxiety surrounding the events in Iran. The situation remains fluid, with analysts keeping a close eye on potential further developments that could influence both oil prices and broader market conditions.