Gold and oil prices surged to multi-year highs on Friday as military tensions between 'Israel' and Iran intensified, raising fears of a broader Middle East conflict.

Gold briefly surpassed USD 3,400 per ounce, peaking at USD 3,444 before settling between USD 3,423 and USD 3,431, marking a daily gain of over 1 percent.

At the same time, Brent crude rose 3.2 percent to USD 92.50 per barrel, while West Texas Intermediate (WTI) climbed 3.5 percent to USD 88.70. The spike in oil prices was fueled by concerns over potential disruptions in the Strait of Hormuz, a critical chokepoint through which 20 percent of global oil supply passes.

The rally came in response to a series of major 'Israeli' airstrikes targeting over 100 Iranian sites, including the Natanz nuclear facility and missile production centers. The attacks reportedly killed nine senior Iranian nuclear scientists and military officials.

In retaliation, Iran launched ballistic missiles and drones at 'Israeli' cities, including Tel Aviv and Jerusalem, killing at least three people. Iranian state media reported at least 60 deaths in Iran, including 20 children killed when a residential complex in Tehran was struck.