US Stocks plummet, Oil prices surge

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Oil prices have instead surged after reports that Ayn al-Asad Air Base in western Iraq, which hosts a large number of American military personnel, was attacked by Iranian forces as an act of “hard revenge” for Gen. Qasem Soleimani, who was killed in a US targeted strike.

The US stock futures on the S&P 500 Index have declined by more than 1 percent following the attack on an Iraqi airbase that contains American forces, Bloomberg reported on Tuesday.

The outlet added that oil prices, however, went up after reports of the attack. According to Reuters, WTI is now up more than 4.5 percent to $65.50 a barrel. Gold is also above $1600, reports say. 

Iran’s Islamic Revolutionary Guard (IRGC) have taken responsibility for firing several rockets targeting US assets, including Ayn al-Asad Air Base in western Iraq, in a move dubbed Operation Martyr Soleimani, according to Iranian state TV.

Washington officials have confirmed the attack on Ayn al-Asad Air Base, adding that President Trump was monitoring the situation.

It was reported earlier in the day that shares on Wall Street ended down as investors and traders struggled to find new optimism to restart the market’s rally from last year amid US-Iran tensions. The top US stocks barometer, the S&P500, settled down 0.3 percent at 3,237 after opening flat and seesawing between negative and positive territory throughout the day.