Iran strike on U.S. forces sends stocks tumbling

Iran's rocket attack on U.S. forces sent markets into turmoil on Wednesday (January 8) and investors racing for safety.

It comes as the threat of retaliation the markets were worried about became a reality, after the U.S. killing of a high-ranking Iranian commander last week.

Concerns now of a wider war breaking out in the Middle East.

Starting the day, Asian shares took a hit after the news:

MSCI's broadest index of Asia-Pacific shares outside Japan was 1 percent lower.

In Japan, the Nikkei tumbled around 2 percent.

South Korean shares hit a one-month low.

And Australian shares fell more than 1 percent.

In commodity markets, oil prices soared to their highest in months with fears of a spiraling conflict disrupting supplies.

Gold - an investor safe haven - rocketed 1.80 percent amid jitters in global stock markets.

Shares in airlines could be the ones to watch in the Wall Street open, after the U.S. Federal Aviation Administration banned U.S. carriers from flying over Iraq, Iran and other parts of the Middle East.