Fear index soars following Israel's airstrikes on Iran

The VIX volatility index, also known as the "fear index," surged 22% Friday after Israel launched sweeping airstrikes on Iran's nuclear program and long-range ballistic missile capabilities.

The strikes on Iran overshadowed optimism in the global markets provided by US-China trade talks, while concerns of further escalation raised risk sentiment.

The VIX index had previously eased from historical highs following the easing of trade tensions caused by the US' tariff policy.

The index saw record levels in April, topping 52. It stood at 22 as of 0740GMT Friday.

The Israeli strikes began around 3 a.m. local time (2330GMT) and targeted both military and nuclear facilities, as well as residential areas, according to Iranian media reports.

The Israeli army said a total of 200 Israeli planes struck Iran in its early Friday attack.

Brig. Gen. Effie Defrin, an army spokesman, said that Israeli planes had dropped 330 munitions during the strikes.

In response, Iran launched over 100 drones towards Israel in recent hours, with interception efforts ongoing, he added.

He also confirmed the assassination of several senior Iranian officials in the strikes, including Chief of Staff Mohammad Bagheri, Iranian Revolutionary Guard Corps chief Hossein Salami, and Gholam Ali Rashid, a senior commander in the guard.

Both countries have been preparing for potential military confrontation, with Iran reportedly developing counterstrike plans involving ballistic missiles targeting Israeli territory.