Iran fires missiles at Iraq air bases; Oil prices rise

Iran overnight launched a ballistic missile attack on air bases housing US forces in Iraq, in retaliation for the US assassination of General Qasem Soleimani.

Oil prices spiked as a result of the attacks, with Brent crude was up by 1.4% at $69.21 per barrel.

More than a dozen missiles launched from Iran struck two air bases in Irbil and Al Asad, west of Baghdad as US President Donald Trump said "all is well" as casualties were still being assessed.

The office of Iraqi prime minister Adel Abdul Mahdi issued a statement saying he had been told in advance by Iran that their “response to the assassination of the martyr Qassem Soleimani had begun or would start shortly” and would be limited to US military stationed in Iraq.

Two Iraqi bases housing US and coalition troops were hit at Al Asad and Irbil at about 22.30 GMT, just hours after the burial of Soleimani.

The Al Asad airbase in western Iraq was hit by at least six missiles.