(File photo: caixin.com)

Oil prices spiked Wednesday morning, rising over 4.5 percent at one point after Iran fired a barrage of ballistic missiles against two airbases in Iraq used by US and coalition forces.

The benchmark WTI jumped as much as 4.53 percent to $65.54 a barrel before settling down slightly after Iran unleashed its first response to the US assassination of military commander Qasem Soleimani.