Oil surges as Iran lobs missiles at US forces in Iraq
Global oil prices spike on Iran's attack against U.S. forces
Oil prices spiked amid Iran's second round of attacks against U.S. bases in Iraq which continued into the evening on Tuesday.
Brent, the world benchmark, breached the $70 per barrel level, while West Texas Intermediate, the U.S. benchmark, crossed $64 per barrel. The initial surge pulled back slightly amid a volatile session.
Oil trimmed the gains overnight with Brent trading up 0.9 percent, or $0.67 to $68.94. WTI was higher by 0.7 percent, or $0.42 to $63.11.
At the same token U.S. stock prices tumbled but also came off the worst levels of the evening's extended trading session.
Iran fired "more than a dozen ballistic missiles" into Iraq, targeting U.S. military and coalition forces, Pentagon officials said, in what is a retaliatory move by the regime after a U.S. airstrike killed Iranian Quds Force Gen. Qassem Soleimani last week.
The missiles launched by Iran targeted military bases in Al-Assad and Erbil, the Pentagon added.
President Trump was not expected to address the nation Tuesday evening as White House press secretary Stephanie Grisham released the following statement.
"We are aware of the reports of attacks on US facilities in Iraq. The President has been briefed and is monitoring the situation closely and consulting with his national security team.
Speaking on FOX Business, Florida Senator Rick Scott urged the United States to slam Iran economically by hitting the country's "pocketbook."
World oil shocks amid this conflict in the Middle East are not as severe as they may have been five or ten years ago, say traders because the U.S. has emerged as a dominant energy player becoming a net exporter from a net importer.