Oil prices rose and Asian stock markets fell Wednesday after Iran fired missiles at U.S. bases in Iraq in retaliation for the killing of an Iranian general.
Brent crude futures, the benchmark for international oils, spiked more than $3 per barrel in London before retreating.
Tokyo’s stock market benchmark fell nearly 2% before recovering some of its losses and Hong Kong’ was off 1%. Shanghai, Australia and Southeast Asian markets also retreated.“Investors appear to be pricing for an all-out war,” Jingyi Pan of IG said in a report.