Oil prices spike over 4.5% after Iran attacks

Oil prices spiked on Wednesday morning, rising over 4.5 per cent at one point after Iran fired a barrage of ballistic missiles against two airbases in Iraq used by US and coalition forces.

The benchmark WTI jumped as much as 4.53 per cent to $65.54 a barrel before settling down slightly after Iran unleashed its first response to the US assassination of military commander Qasem Soleimani.