Oil prices have jumped after at least two airbases hosting US troops in Iraq were attacked.
Crude oil jumped by as much as 4.5% to $65.65 in Asian morning trade on concerns that this could disrupt oil supplies from the Middle East.
So-called safe haven assets, like gold and the Japanese yen, also rose sharply on the news.
At the same time global stock prices were sent lower on concerns over the growing conflict in the Middle East.
Japan's benchmark Nikkei 225 stock index fell by more than 2.5%.