Asian markets tumbled and U.S. stock futures were sharply lower Tuesday evening after Iran fired a series of missiles at bases housing U.S. troops in Iraq. The attack was an apparent retaliation after the U.S. killed a top Iranian general in Iraq last week.
Japan’s Nikkei 225 slid 2.4%. South Korea’s Kospi index lost 1.2% and Australia’s S&P/ASX 200 slumped 0.8%.
Dow futures dropped 350 points while Standard & Poor’s 500 futures slid 1.3%.
Oil prices jumped as tensions in the oil-rich Middle East could disrupt crude supplies in the region. U.S. crude jumped 3.4% to $64.80 per barrel. Brent crude, the international benchmark, climbed 3.5% to $70.72 a barrel.
Global stocks have come under pressure in recent days as tensions have escalated between Iran and the U.S., threatening conflict in the oil-rich Middle East. Investors have dumped stocks in favor of safe-haven assets like gold and government bonds.
On Tuesday evening, gold prices jumped 1.8% at $1,603.30 per ounce, after touching their highest price in nearly seven years Monday.
U.S. stocks slumped Friday after the killing of the Iranian general, Qasem Soleimani, while crude prices surged, raising concerns that a rise in fuel prices could weigh on consumer spending.
Before Tuesday’s attacks, stocks had stabilized at the start of the week while oil gave back some of its prior gains.