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.

The chancellor said nothing was "off the table" in protecting people from the impact of higher oil prices.

Global oil prices are soaring and Korean industries are bracing for impact after Israel launched airstrikes on Iran, jolting already fragile energy markets and raising the specter of a regional economic shock.