New Delhi: The ongoing tension between US and Iran escalated on Wednesday as Iran fired ballistic missiles on two US military bases in Iraq. According to Iran state media at least 80 ‘American terrorists’ have been killed in the attack, which the United States didn’t confirm. US President Donald Trump said all was well and claimed that the US was the best as far as military prowess is concerned. Also Read - Avoid Flying to Iraq, MEA Issues Advisory; Indian Flights to Avoid Iraq, Iran Airspace

Here’s What Happened After: Also Read - Ukrainian Plane Carrying 170 on Board Crashes in Iran, All Killed; Technical Snag Blamed

Oil prices registered a spike of over 4.5 per cent, which indicates at an inevitable price rise of essential commodities. Also Read - Oil Prices Rise Over 4.5% After Iran Fires 10 Rockets on US Airbase in Iraq

Gold prices shot up as investors rushed to invest in gold. This happens during any political or economical turmoil as investors want safe haven for investment.

Most countries have asked their airlines to avoid the airspace over Iraq, Iran and the Gulf countries. This will lead to massive airspace mayhem as all airlines will reroute their flights, which may escalate the cost.

Here’s how the airspace looked following several rerouting.

52 versus 290

Donald Trump has said that the US would target 52 sites of Iranian culture and history. The number represents the number of Americans taken hostage by Iran in past. Iranian President Hassan Rouhani has also threatened with the number of people killed after a US warship in the Persian Gulf shot down an Iranian passenger airliner in 1988. About 290 Iranians were killed.

Short history of US-Iran tension

It goes back to 1953 when US and British intelligence agencies ousted Iran’s PM Mohammad Mossadeq. After years of hostility, in 2013, Iran President Hassan Rouhani and US President Barack Obama talked over the phone. In 2015, Iran agreed to sign a long-term deal on its nuclear programme.

In 2018, US President Donald Trump abandoned the nuclear deal. The US also imposed sanctions on Iran and threatened other countries buying oil from Iran. In June 2019, Iran shot down a US military drone. Since then, the relations have gone downhill.