Oil prices fall sharply, reversing the initial panic spike caused by fears of a deeper conflict between the US and Iran
From CNN Business' Julia Horowitzagainst the United States for its killing of top general Qasem Soleimani by firing more than a dozen ballistic missiles at two Iraqi military bases housing US troops — but for now, investors aren't showing much alarm.At first, global traders sold stocks, and markets in Asia closed lower.
Gold prices leaped above $1,600 per ounce, while Brent crude, the global benchmark for oil, jumped as high as $71.75 per barrel."Based on available evidence, this round seems over," Henry Rome, an analyst at political risk consultancy Eurasia Group, told clients Wednesday."The US and Iran will likely revert to their usual, tortured relationship moving forward."geopolitical turmoil afflicting markets in recent days will be short-lived.
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