Iran has claimed to have fired several ground to ground rockets at the Ain al-Assad military base in Iraq in what appears to be it's first retaliation strike.

News agency Reuters cite a U.S. official that confirms the strike. However, they also say that there is currently no information on casualties or damage. Additionally, a military base in Erbil, in the Kurdish part of Iraq has also been struck by ballistic missiles according to additional reports.

A tweet by President Trump suggests that "all is well":

Iran’s Islamic Revolutionary Guards Corps (IRGC) confirmed they fired the missiles to retaliate for last week’s killing of Qassem Soleimani, according to a statement on state TV.

The statement advised the United States to withdraw its troops from the region to prevent more deaths, state TV said.

The oil market responded immediately, with WTI jumping 4% to over $65/barrel before falling slightly to it's current price of just over $64, while Brent crude spiked over $71, settling to just shy of $70 at $69.93.

Some experts suggest that oil could spike to $150 barrel if full blown conflict erupts.