Jan 08, 2020

Oil prices jump after missile attack

Oil prices have jumped after at least two airbases hosting US troops in Iraq were hit by ballistic missiles.

Brent crude was up by 2.5% at $69.94 per barrel in mid-morning Asian trade on concerns that this could disrupt oil supplies from the Middle East.

So-called safe haven assets, like gold and the Japanese yen, also rose sharply on the news.

At the same time global stock prices were sent lower on concerns over the growing conflict in the Middle East.

Japan's benchmark Nikkei 225 stock index fell by 2%, and Hang Seng in Hong Kong was down 1% in early trade.

Iranian state television said the attack was a retaliation for the killing of the country's top commander Qasem Soleimani.