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Oil prices surged more than 4% in early trading on Tuesday night following rocket attacks on Western Iraq's airbase Al Asad.
U.S. West Texas Intermediate crude futures surged 4.5%, or $2.83, to $65.53, its highest level since April.
Multiple projectiles hit the airbase but it was not clear whether it was rockets or missiles yet.
U.S. stock futures plunged on Tuesday night, with the Dow Jones Industrial Average futures shedding more than 300 points. S&P 500 and Nasdaq 100 futures pointed to losses of at least 1% at the open.
"At approximately 5:30 p.m. (EST) on January 7, Iran launched more than a dozen ballistic missiles against U.S. military and coalition forces in Iraq. It is clear that these missiles were launched from Iran and targeted at least two Iraqi military bases hosting U.S. military and coalition personnel at Al-Assad and Irbil. We are working on initial battle damage assessments," Assistant to the Secretary of Defense for Public Affairs Jonathan Hoffman said in a statement. "We are working on initial battle damage assessments."
Following reports of the attacks, White House press Secretary Stephanie Grisham said President Donald Trump "has been briefed and is monitoring the situation closely and consulting with his national security team."
Tuesday's attack comes as tensions between the United States and Iran have been building, following Thursday's airstrike that killed Iran's top commander Qasem Soleimani.
On Friday oil prices surged more than 3% as the Street digested possible forms of Iranian retaliation, which some said could include targeting oil production facilities in Iraq or Saudi Arabia.
But by Monday fears appeared to have subsided, and oil settled little changed after initially rising more than 2%. On Tuesday, prices slid about 1%.
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