The Globe and Mail reports in its Saturday edition that oil prices leaped and stocks slumped Friday on worries that escalating violence following Israel's attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy. An Associated Press dispatch to The Globe says the S&P 500 sank 1.1 per cent and wiped out what had been a modest gain for the week. The Dow dropped 769 points and Nasdaq lost 1.3 per cent. The biggest moves were in the oil market, where the price of a barrel of benchmark U.S. crude jumped 7.3 per cent to $72.98 (U.S.). Iran is one of the world's major producers of oil, though sanctions by Western countries have limited its sales. If a wider war erupts, it could slow the flow of Iran's oil to its customers and keep the price of crude and gasoline higher for everyone worldwide. In Toronto, the S&P/TSX composite closed down 111.40 points at 26,504.35. Beyond the oil coming from Iran, analysts also pointed to the potential for disruptions in the Strait of Hormuz. For now, the price of oil has jumped, but it is still lower than it was earlier this year. The price of gold climbed as investors searched for safer places to park their cash.