Oil
prices leapt and markets slumped in Asia early on Wednesday, as
investors tried to parse reports of missile attacks on military bases in
Iraq where American troops are stationed.
But
market turmoil eased later in the day after Iran suggested it was
finished retaliating — for now — against the United States for the
killing last week of Maj. Gen. Qassim Suleimani.
Prices
for Brent crude, the international oil benchmark, soared above $70 a
barrel in futures markets, a nearly 4 percent rise from Tuesday, before
easing back. Prices were up 1.4 percent midday in Asia to $69.20 a
barrel.
West Texas Intermediate, the
American oil price benchmark, jumped more than 3 percent to about $65 a
barrel, then eased back. As of midday it was up 1.3 percent.
Stock
markets also dropped sharply but clawed back some ground later in the
day. Shares in Japan opened 2.4 percent lower but closed only 1.2
percent down. Markets in Hong Kong, mainland China and South Korea were
down less than 1 percent.
Futures contracts representing bets on the American stock market indicated a drop of less than 1 percent in New York’s morning.
Reporting was contributed by Alissa
J. Rubin, Falih Hassan, Megan Specia, Ben Hubbard, Steven Erlanger,
Russell Goldman, Farnaz Fassihi, Daniel Victor, Anton Troianovski,
Andrew Kramer, Eric Schmitt and Vivian Yee.
