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.
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, +3.51% , jumped more than 4%.
Gold prices GCG20, +1.29% , which had been on their biggest streak of gains in two years, surged as well, to near $1,600 an ounce.