Update 8: The Pentagon has released a full statement on the attacks, claiming that more than a dozen missiles were fired from within Iran, and that at least two Iraqi military bases hosting US troops were targeted.

Statement from Assistant to the Secretary of Defense for Public Affairs Jonathan Hoffman

At approximately 5:30 p.m. (EST) on January 7, Iran launched more than a dozen ballistic missiles against U.S. military and coalition forces in Iraq. It is clear that these missiles were launched from Iran and targeted at least two Iraqi military bases hosting U.S. military and coalition personnel at Al-Assad and Irbil.

We are working on initial battle damage assessments.

In recent days and in response to Iranian threats and actions, the Department of Defense has taken all appropriate measures to safeguard our personnel and partners. These bases have been on high alert due to indications that the Iranian regime planned to attack our forces and interests in the region.

As we evaluate the situation and our response, we will take all necessary measures to protect and defend U.S. personnel, partners, and allies in the region.

Due to the dynamic nature of the situation, we will continue to provide updates as they become available.

More footage of the attacks is appearing on social media:

Translated: #Iraqi soldiers in #Anbar, monitor & film moment of missiles landing on #AinalAssad military base. https://t.co/HZ5ndTX4Hh

— Hala Jaber (@HalaJaber) January 8, 2020

US F-35s have been scrambled from bases in Turkey and the UAE.

Meanwhile, Iran claims that a "second wave" of attacks targeting an unidentified US base in Iraq is beginning, according to semi-official news agency Tasnim. The IRGC is also threatening to attack any other countries that host US troops.

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Update 7: This is about to go to '11'.

US jets are reportedly "in the air" and leaving Turkey as stocks extend their decline, and oil futures continue to climb. Reports are claiming that shelling has stopped at Al Asad Air Base, and that roughly 35 rounds hit the base.

White House spokeswoman Stephanie Grisham: "We are aware of the reports of attacks on US facilities in Iraq. The President has been briefed and is monitoring the situation closely and consulting with his national security team,” White House spokeswoman Stephanie Grisham said in a statement."

The Pentagon has confirmed that more than a dozen missiles were launched from Iran. "It is clear that these missiles were launched from Iran." But others claim there appears to be some doubt.

Some media reports noted that the base has been visited by President Trump in the past, giving the attack a special significance. US military sources are saying that troops at the base are still in lockdown, though the attack is said to be over.

Initial reports on NBC Nightly News claimed US officials are looking into whether the attacks originated from within Iranian territory, a question that was also explored immediately following the Aramco attack late last year.

Iranian TV is already threatening "more violent responses" if the US retaliates for these latest attacks.

And so, Iran's promised "historic nightmare" has begun.

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Update 6: The drop in S&P futures is accelerating as more senior US military officials confirm that a US army base in Iraq is under ballistic missile attack. The drop in S&P futures is accelerating as US and Iranian sources report attacks "all over the country."

Brent futures have extended their gains to 3% on the news, which seems to suggest that the crisis between the US and Iran over the killing of Suleimani is far from over.

While details on casualties are still unclear, experts are saying that the weapons used were either cruise missiles, or short-range ballistic weaponry, or possibly a mix.

From senior US military source in Iraq:
“Under missile attack from Iran. These are either cruise missiles or short range ballistic missiles. All over the country.”

— Jennifer Griffin (@JenGriffinFNC) January 7, 2020

And we now have a statement from the IRGC claiming responsibility for the attacks: "The brave soldiers of IRGC's aerospace unit have launched a successful attack with tens of ballistic missiles on Al Assad military base in the name of martyr Gen. Qasem Soleimani."

Looking ahead, many are wondering if the fighting will reach Baghdad.

Meanwhile, it is quite calm here in #Baghdad, but not expected to stay for long.. It is the WAR

— Feras Kilani فراس كيلاني (@FerasKilaniBBC) January 7, 2020

And the White House has confirmed that President Trump has been briefed on the attacks, and is monitoring the situation closely with his national security team at the White House.

Given the severity of the situation, it's still strange that the US was slow to confirm the initial reports. A reporter for CNN is reporting that the Pentagon was slow to respond because officials were "sent home early for what was supposed to be a major snowstorm" in DC.

Nancy Pelosi was reportedly briefed about the attacks during a steering meeting. Her response to her fellow members? Pray....

Multiple members tell reporters that Pelosi received a note during the steering meeting informing her of the attack in Iraq. Her message to her members in the room? Pray.

— Lauren Fox (@FoxReports) January 7, 2020

Iranian sources are claiming that the operation has a name: 'Operation Martyr Suileimani'.

#IRGC has launched 'Operation Martyr Soleimani' by firing missiles at the base in #Iraq, according to Tasnimnews_Fa.

— Steve Herman (@W7VOA) January 7, 2020

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Update 5: Bloomberg has now confirmed WaPo's reporting, adding that at least nine rockets have now hit Al-Asad Airbase. There have also been reports of IRGC commanders claiming to have launched "tens of missiles" at the base.

Al Mayadeen TV has also confirmed.

And just like that, ES is sliding, and Brent is spiking...

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Update 4: Confirmation at last.

After hours of vague and unconvincing reports about a string of attacks on US buildings in Iraq, the Washington Post has apparently confirmed that at least one of the attacks - the most recent to be reported - is real.

Reporter Dan Lamothe described his source as "very credible."

U.S. defense official confirms that Al Asad air base in Iraq's Anbar province has been hit by at least six rockets tonight. Additional details unclear. But very credible source.

— Dan Lamothe (@DanLamothe) January 7, 2020

Video of alleged Iranian rockets raining down on the American base has just hit Twitter.

BREAKING VIDEO: Suspected Iranian originating rockets seen being launched toward military base housing US forces in Iraq moments ago. pic.twitter.com/qxnBlV0Kgx

— Israel Breaking (@IsraelBreaking) January 7, 2020

So it looks like this really is the Iranian retaliation that we've been waiting for.

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Update 3: And the stream of strange reports of attacks and sirens at US bases and consulates around the Middle East continues, as a reporter for Al-Monitor, a credible English-language source of news and analysis on the Middle East region, claims another missile attack has been reported, this time at Al-Asad airbase in Anbar Province.

Reports claim that more than 30 missiles have been launched at the base, and still more are coming in.

NEW: Defense official tells me that Al-Asad airbase that houses US & coalition troops in Iraq has been hit with 6 rockets. Not clear if there are any casualties.

— Jack Detsch (@JackDetsch_ALM) January 7, 2020

Following reports of a siren heard at the US consulate in Erbil, Iraqi TV is reporting that flights into the local airport have been suspended.

Once again, Iranian media is reporting the attacks, though we must admit, the photo below doesn't exactly look genuine.