China has voiced strong concerns over Israel’s recent military strikes on Iran. On Friday, the Chinese Foreign Ministry released a statement saying it is “closely following” the events and is worried about how the situation is unfolding.

Amid escalating tensions following Israel's military strikes on Iran, analysts warn that China may retaliate against the U.S. through Iranian proxies, affecting Middle Eastern dynamics and international relations.

China is suffering a "terrible loss" in the Middle East and could convince some other party to "strike us," according to Gatestone Institute's Gordon Chang.

China has issued advisories to its citizens in Israel and Iran of the "complex and severe" security situation in those countries on Friday, adding a warning to those in Israel to prepare for possible missile and drone attacks.

An exchange of strikes on refineries and gas facilities was limited but raised the risks to an industry with broad economic impacts.

Bitcoin's decline today is influenced by US-China trade deal outcomes and geopolitical tensions involving Israel and Iran. The potential for future Federal Reserve rate cuts is increasing despite a slight decline in May's headline inflation figures.

U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.

President Donald Trump's eventful week included securing a preliminary trade deal with China, deploying National Guard troops to Los Angeles, and responding to Israel's strikes on Iran.