Oil spikes, stocks plunge after Iran attacks

TOYO: Oil prices spiked Wednesday and Tokyo stocks plunged as investors took fright at escalating tensions between the United States and Iran after Tehran launched missile attacks on US forces in Iraq.

Japanese stocks were also affected by flight to the safe-haven yen - an asset in which investors often take refuge in times of uncertainty. A rising yen pulls down the price of Japan's export-led firms. In Tuesday trade, US stocks had finished slightly lower while European markets were broadly flat - Frankfurt outperforming its peers with a 0.8 per cent gain.

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