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Crude oil prices surged and U.S. stock market futures tumbled late Tuesday after Iran fired multiple missiles at an air base in Iraq housing U.S. troops, raising fears of a wider Middle East conflict.
Iranian state TV described the attack as a revenge operation over the killing of Revolutionary Guard Gen. Qassem Soleimani by a U.S. airstrike last week. U.S. officials confirmed missile strikes at Ain Assad air base in western Iraq, but there was no immediate word on damage or casualties.
After closing lower for the first time in three days in Tuesday’s regular trading session, oil prices rose sharply after news of the attack. The U.S. benchmark, West Texas Intermediate crude for February delivery CLG20, +3.41% , jumped more than 4%.
Dow Jones Industrial Average futures YM00, -0.91% fell more 300 points immediately after the attack, and S&P 500 ES00, -1.01% and Nasdaq Composite futures NQ00, -1.15% tumbled as well.
Gold prices GCG20, +1.28% , which had been on their biggest streak of gains in two years, surged as well, to near $1,600 an ounce.
