US and Israeli strikes on Iran have triggered market volatility, with investors closely watching oil and gold prices for signs of broader economic impact. Bloomberg Intelligence's Mike McGlone analyzed the situation on "Bloomberg This Weekend," noting that geopolitical tensions typically drive safe-haven assets higher while creating uncertainty in energy markets.

Despite the military action, Iran's Foreign Minister Abbas Araghchi stated the country has no intention to close the Strait of Hormuz, a critical waterway through which roughly 20% of global oil supplies pass. This assurance has provided some relief to markets, though traders remain cautious about potential supply disruptions.

The attacks have already caused fluctuations in commodity prices, with gold experiencing increased demand as a safe-haven asset. Energy markets are particularly sensitive to Middle East developments, and the strikes have heightened concerns about regional stability affecting global oil supply chains.