Stock markets across Asia fell and the price of oil jumped around 2% after early reports of explosions in Iran.

Stock markets in Asia fell while safe-haven assets such as U.S. Treasurys, the yen and the Swiss franc rose sharply after Israel launched a retaliatory strike against Iran early Friday.

The Biden administration is pushing for a long-shot diplomatic deal in the coming months that presses Prime Minister Netanyahu of Israel to accept a new commitment to Palestinian statehood in exchange for diplomatic recognition by Riyadh.

A 12-person jury was picked to decide Trump’s fate in his hush-money case, setting the stage for the first criminal trial of a former U.S. president to kick off in earnest next week.

Israel retaliated against Iran’s massive drone and missile attack on its territory, a move that threatens to send the countries deeper into an escalatory spiral that could lead to war.

Shares of Taiwan Semiconductor Manufacturing fell sharply as investors’ worries about the chip maker’s cautious outlook for the industry eclipsed its upbeat first-quarter financial results.