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Iran Attack: Oil Prices Rise After Iraq Missile Attacks

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Oil prices have risen after two bases hosting US troops in Iraq were hit by ballistic missiles.

Brent crude was up by 1.4% at $69.21 per barrel in the middle of the Asian trade, easing back from earlier gains.

So-called safe haven assets, like gold and the Japanese yen, also rose 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 1.3%, and Hang Seng in Hong Kong was down 0.8%.

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

The attack happened just hours after the funeral service for Soleimani, who was killed by a US drone strike on Friday.

His death had raised concerns that the conflict between the US and Iran could escalate further.

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