Global Markets-World stocks fall in semiconductor rout; oil rises on Middle East escalation

Oil prices rose to their highest levels in more than a month as the United States and Iran risked further escalation as they expanded their attacks to hit key infrastructure. The United States struck bridges in Iran, and Tehran responded by hitting a power and desalination plant in Kuwait.

In the contested Strait of Hormuz, where the renewed conflict has again cut off global energy supplies, U.S. Marines boarded a tanker, and another ship was reported to have been hit by a projectile.

In energy markets, U.S. crude settled up 4.48%, or $3.54, at $82.49 a barrel while Brent settled at $88.10 per barrel, up 4.59%, or $3.87 on the day.

Energy stocks were the only U.S. industry sector to gain ground on Friday. Also, Mona Mahajan, head of investment strategy and asset allocation at Edward Jones, noted that defensive assets such as government bonds were in demand, while safer equity sectors such as utilities fell less than higher growth industries.