New York: The VIX volatility index, commonly referred to as the "fear index," saw a significant increase of 15.52% on Friday amid escalating tensions between Israel and Iran. This surge in the index underscores the heightened market uncertainty resulting from the latest developments in the region.

According to Anadolu Agency, Israel initiated a military operation early on Friday, targeting critical Iranian nuclear and military sites. The attacks, which lasted throughout the day and into the night, resulted in the deaths of several top Iranian military commanders and scientists. Key Iranian cities, including Tehran, Natanz, Tabriz, and Isfahan, were among the locations targeted in the military strikes.

In response to the Israeli offensive, Iran launched a retaliatory strike, dubbed Operation True Promise III, on Friday night. This counter-attack further intensified the conflict between the two nations.

As a reflection of the growing instability, the VIX rose by 2.8 points, reaching 20.82 at 2030 GMT. The index serves as a critical indicator for investors, signaling increased volatility and uncertainty in the financial markets during times of geopolitical unrest.