This archive report was first published on 8 January 2020.
January 8, 2020, marked a tumultuous day in global markets as oil prices skyrocketed following Iran's retaliation against US forces in Iraq.
The price of oil spiked by more than 4.5 percent as fears over supplies in the Middle East sent prices soaring.
US President Donald Trump tweeted that the assessment of the damage was underway, but added, "So far, so good."
Iranian Foreign Minister Mohammad Javad Zarif stated that Tehran had taken proportionate measures in self-defence, adding, "We do not seek escalation or war, but will defend ourselves against any aggression."
Oil markets have been unsettled since Friday's killing of Iranian general Qasem Soleimani, one of the country's most important figures, in a US drone strike.
As investors sought safe haven assets, gold surged above $1,600 an ounce for the first time in six years, before falling back slightly.
The Japanese yen also rose, adding fuel to the fire in Tokyo, where the Nikkei 225 index plunged more than 2.5 percent in early trade.
However, a possible market rout faded as Asian bourses got going in earnest, with early declines slowing.
