This archive report was first published on 6 January 2020.
Global markets were in turmoil on January 6, 2020, as the US assassination of a top Iranian general sparked fears of a major conflict in the Middle East.
Oil prices surged, with Brent reaching above $70 for the first time since September, while gold hit a more than six-year high.
Donald Trump warned of a "major retaliation" against Tehran, while Iran announced a further rollback of its commitments to the nuclear accord.
Investors were jolted, with markets that had been in an upbeat mood due to the China-US trade deal and improving global economic data.
Equity markets tracked losses on Wall Street, with all seven bourses in the Gulf Cooperation Council (GCC) states finishing sharply down.
Energy firms rallied on the back of higher crude prices, with Inpex jumping over four percent in Tokyo and PetroChina adding four percent in Hong Kong.
However, safe-haven assets such as gold and the Japanese yen were on the rise, with gold at highs not seen since mid-2013.
"Geopolitical tensions look like remaining elevated in coming days, so lending support to oil prices and keeping risk asset markets on the defensive," said Ray Attrill at National Australia Bank.
