If prices go up, Fed officials may be inclined to raise its benchmark rate, raising borrowing costs for businesses and consumers. That could lead to businesses to cut jobs, particularly in the high-growth tech sector, and force Americans to pull back on spending, which drives more than 70% of economic activity in the U.S.

U.S. investors on Friday sought refuge in safe-haven assets like the dollar and gold, as oil prices surged after Iran retaliated against Israel's biggest-ever military strike against the major crude producer.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

Israel’s attack on Iran has catapulted their long-running conflict into what could become a wider, more dangerous regional war and potentially drive prices higher for both businesses and households

The Indian rupee is expected to slip past 86 to the U.S. dollar at the open on Friday, hit by surging oil prices and sliding risk assets after Israel attacked targets in Iran.

After a night of intense cross-border attacks, Iran has threatened any country that attempts to defend Israel | ITV National News

The US ordered some staff to leave its embassy in Baghdad, and restricted government employees and family members in Israel from traveling outside major cities like Tel Aviv. Around the same time, risk warnings from naval forces were issued to vessels operating in and around the Persian Gulf,

U.S. ultra-low sulfur diesel futures hit the highest level since February, outpacing gains in oil and gasoline as analysts warned that diesel supply is the most exposed to the conflict in the Middle East.