Oil prices pare gains, U.S. stock futures stem steep losses after Iran missile attack

By MIKEMURPHY

Crude oil prices surged and U.S. stock market futures tumbled late Tuesday after Iran fired multiple missiles at air bases in Iraq housing U.S. troops, raising fears of a wider Middle East conflict. But electronic markets pared those losses as overnight trading continued, likely lessening the blow when the trading day starts Wednesday.

Iranian state TV described the attack as a revenge operation over the killing of Revolutionary Guard Gen. Qassem Soleimani by a U.S. airstrike last week. U.S. officials confirmed missile strikes at two bases in Iraq, but a U.S. official said there were no immediate reports of American casualties

The attacks — and the potential of U.S. retaliation — raise the possibility of oil supply disruptions, as well as the possibility of violence spreading around the already tumultuous region. Fears were tempered, however by tweets from Iran’s foreign minister, who said Iran did not seek further escalation, and President Donald Trump, who said “All is well” in an unusually reserved message, adding that he will release a statement in the morning.

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