US stocks fall on Israel-Iran worries, with Dow down xxx pts. Oil rises on supply worry. Gold hit a record high and US dollar rises on flee to safety.

The ripple effect of the back-to-back strikes between Israel and Iran were seen in the U.S. stock market on Friday. CBS News MoneyWatch correspondent Kelly O'Grady has more.

U.S. oil benchmark prices climbed roughly 7% to about $73 a barrel, the highest level since early April. U.S. government borrowing costs climbed. Tech stocks like Nvidia and Tesla moved lower, while shares in oil and defense-industry firms like Chevron, Lockheed Martin, and Palantir traded up.

The bulls would first look to continue defending the May 22 swing low and the recent developments have put the Nifty back in that 24,500 - 25,200 range which has failed to breakout of, despite the Nifty Bank hitting new highs in the process.

The Indian benchmark indices opened sharply lower on Friday as tensions escalated between Israel and Iran. Heaving selling was seen in the auto, IT, Financial service and PSU Bank sectors in the early trade.

U.S. stocks were sharply down Friday, after Israel launched strikes on Iran's nuclear sites. But major benchmarks were off their morning lows.