Iran Attacks U.S. Military Base in Iraq, Futures Fall

Futures fall, oil and gold rise as Iran state TV says the country has launched multiple missiles at military facility housing U.S. troops in Iraq.

Iran launched missiles at two military bases housing U.S. troops in Iraq overnight sparking fears of further escalation of military conflict between the U.S. and Iran, and prompting turmoil overnight in financial markets.

The attacks on Al-Asad and Erbil bases sent U.S. futures tumbling and oil sharply higher. Futures on the Dow Industrials lost as much as 400 points, while oil gained as much as 4% before both reversed direction. In recent action, Dow futures were off by 82 while oil was up about 1.2%. 

President Donald Trump tweeted "so far so good" in connection with casualty and damage assessments. Trump said he would speak about the attacks Wednesday morning. 

Gold futures briefly topped $1,600 an ounce, before trimming gains. Gold traded around $1,588 in recent action.

The Associated Press reported that Iranian state TV said the country had launched “tens” of surface-to-surface missiles...

The AP also reported that Iranian state TV described it early Wednesday as Tehran’s revenge operation over the killing of Revolutionary Guard Gen. Qassem Soleimani.

Iran’s Revolutionary Guard then warned the U.S. and its allies against retaliating over the missile attack. The Guard issued the warning via a statement carried by Iran’s state-run IRNA news agency, according to the AP. 

Iran has vowed vengeance on U.S. interests following the targeted killing of Soleimani ordered by Trump.

The Pentagon released a statement from Assistant to the Secretary of Defense for Public Affairs Jonathan Hoffman confirming reports of the attacks on the U.S. military base in Iraq by Iran:

The Federal Aviation Administration (FAA) sent out a press release issuing flight restrictions for airspace in the Persian Gulf area and the Gulf of Oman. The FAA wants to avoid the “potential for miscalculation or misidentification” of civilian aircraft near Iraq and Iran. The FAA stated that it will continue "monitoring the events" following the attacks.

Following the release from the FAA, a Boeing 737 plane crashed after takeoff in Tehran, Iran that was en route to Ukraine, per Bloomberg. The plane was carrying 180 passengers plus crew.

This story is developing, please check back for more details.