The prices of Crude oil have seen a surge as the stock markets tumbled later on Tuesday with Iran firing multiple ballistic missiles at the airbases of Iraq where they had been housing the troops of United States and there have been speculations now of the conflict escalating in the middle east. The electronic markets have been parring those losses at the continuation of the trading overnight likely going to lessen the blow at the time when trade begins on Wednesday.

The state TV of Iran had described the attacks as an operation of taking revenge for the killing of General Qaseem Soleimani by an airstrike that had been conducted by the United States in the previous week as the officials of United States confirmed that the missiles had struck the two basses in Iraq although the officials of United States have been saying that there were no reports of casualties.

These attacks and the potential of a retaliation from United States has raised the possibility of the disruptions in the oil supply and also the violence further spreading around the region which has already been tumultuous. The fears had been tempered however after the foreign minister said that there was no further escalation sought by Iran.

Trump’s message too was one that exercised uncharacteristic caution added that there will be a statement released on the morning of Wednesday.

Apart from that, there was a crash of the Boeing aircraft bound for Ukraine in the early hours of Wednesday which had killed all of the passengers aboard as per the state TV of Iran.

This is an event that is being seen to be unrelated with the tensions.