Oil Prices Climb as Trump Threatens New Strikes on Iran
Brent crude is nearing $96 as fighting between the US and Iran intensifies. The Iranian Army launched missiles and kamikaze drones on Thursday against US military bases in Kuwait and the UAE, specifically targeting satellite communications, equipment warehouses, and a fighter aircraft hangar at Ahmad al-Jaber Air Base. Iran claims these strikes are revenge for US attacks. While the Trump administration asserts the US Navy is securing oil flow through the Strait of Hormuz, commercial trackers disagree, and Kuwait reports intercepting Iranian missiles and drones.
What changed
Iran launched missile and drone strikes against US bases in Kuwait and the UAE on Thursday.
Live updates
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Oil Prices Rise as Iran Strikes US Bases in UAE and Kuwait
Brent crude is nearing $96 as fighting between the US and Iran intensifies. The Iranian Army launched missiles and kamikaze drones on Thursday against US military bases in Kuwait and the UAE, specifically targeting satellite communications, equipment warehouses, and a fighter aircraft hangar at Ahmad al-Jaber Air Base. Iran claims these strikes are revenge for US attacks. While the Trump administration asserts the US Navy is securing oil flow through the Strait of Hormuz, commercial trackers disagree, and Kuwait reports intercepting Iranian missiles and drones.
Why it matters
The conflict follows US Central Command strikes against Iranian military targets on Wednesday. Tensions center on the Strait of Hormuz, a critical oil waterway where shipping has been depressed by tanker attacks.
What is confirmed
- The Iranian Army struck US military bases in the UAE and Kuwait with missiles and kamikaze drones on Thursday.
- Targets in Kuwait included the Ahmad al-Jaber Air Base fighter aircraft hangar, equipment warehouses, and satellite communications systems.
- Kuwait intercepted missiles and drones launched from Iran.
- US Central Command completed a wave of strikes against Iranian military targets on Wednesday.
- Brent crude prices are nearing $96.
Still unconfirmed
- The US is weighing declaring war on Iran as the Pentagon extends troop deployment.
What to watch next
- US military response to the strikes in Kuwait and the UAE
- Confirmation of damage to US radar systems at Al Minhad Air Base
- Official US government response to Iranian threats against the economy
confidence 90%Sources used for this update (5)
- www.ibtimes.com — Trump Says Oil Is Flowing Through Hormuz. Independent Trackers Show a Different Picture.
- www.express.co.uk — Iran warns US economy faces 'dark months ahead' in threat to cripple oil supplies
- www.etvbharat.com — US-Iran War LIVE | Trump Weighs Declaring War On Iran Over As Pentagon Extends Troop Deployment: Report
- www.ibtimes.com — Iran Again Attacked Gulf Countries. Oil Is Climbing Further.
- oilprice.com — Brent Nears $96 as Iran Conflict Keeps Oil Market on Edge
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Oil Prices Dip as Trump Claims Control of Hormuz Strait
Oil prices eased Thursday following a three-day rally, though tensions remain high after U.S. strikes in Iran. President Donald Trump claimed the U.S. has "almost total control" of the Strait of Hormuz, even suggesting the waterway be renamed "Trump Strait." Despite these claims, shipping through the strait is depressed due to tanker attacks and fighting. The conflict has pushed bond yields higher and prompted Vladimir Putin to publicly support Tehran, while the Federal Reserve may now consider a rate hike instead of a cut.
Why it matters
The Strait of Hormuz is a critical waterway for global oil shipments. Continued military clashes threaten supply stability and influence U.S. monetary policy.
What is confirmed
- Oil prices declined on Thursday after a three-day rally.
- U.S. stock futures trended lower amid ongoing Middle East tensions.
- President Donald Trump stated the U.S. has "almost total control" of the Strait of Hormuz.
Still unconfirmed
- Vladimir Putin has publicly supported Tehran.
- Iran seized a vessel containing 382,000 litres of fuel and detained 11 foreigners.
- The Federal Reserve is leaning toward a rate hike rather than a cut due to the conflict.
What to watch next
- Friday's U.S. labor market report
- Verification of oil flow estimates in the Hormuz Strait
- Further military responses from Tehran regarding U.S. control claims
confidence 85%Sources used for this update (7)
- oilprice.com — Hormuz Shipping Slumps as U.S.-Iran Strikes Rattle Oil Markets
- timesofindia.indiatimes.com — US Iran War Updates: Iran seizes vessel with 382,000 litres of fuel, detains 11 foreigners
- www.france24.com — Mideast live: Trump suggests renaming Hormuz ‘Trump Strait’
- www.cnbc.com — CNBC Daily Open: Groundhog Day in the Gulf
- apnews.com — US futures mostly lower and oil prices climb due to ongoing clashes around Iran
- www.marketscreener.com — European Midday Briefing : Oil Prices Slip, Global Bond Markets Take a Breather
- finance.yahoo.com — Oil pulls back, Broadcom disappoints - what’s moving markets
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Oil Prices Surge as US-Iran Tensions Flare
Oil prices have climbed above $90 per barrel as tensions between the US and Iran escalate. The US has struck Iranian rocket launchers, prompting threats of stronger retaliation from Trump. This development has deepened supply risks in the Hormuz Strait, a critical waterway for oil shipments. Asian shares are mixed, while Dow, S&P 500, and Nasdaq futures have fallen.
Why it matters
The renewed fighting between the US and Iran has raised concerns about potential disruptions to global oil supplies. The Hormuz Strait, which connects the Persian Gulf to the Gulf of Oman, is a vital passage for oil tankers. Any significant disruption to oil flows through this strait could have substantial impacts on global energy markets and the broader economy.
What is confirmed
- Oil prices have risen above $90 per barrel
- The US has struck Iranian rocket launchers
- Asian shares are mixed amid the US-Iran tensions
- Dow, S&P 500, and Nasdaq futures have fallen
Still unconfirmed
- Trump threatens stronger retaliation against Iran
What to watch next
- Further developments in US-Iran hostilities
- Potential disruptions to oil supplies through the Hormuz Strait
- US interest rate decisions amid rising inflation concerns
confidence 85%Sources used for this update (12)
- AP News — Asian shares are mixed and oil prices surge after US strike on Iranian rocket launchers
- Yahoo Finance — Stock market today: Dow, S&P 500, Nasdaq futures fall as US strikes Iran, rate-hike bets jump
- Investopedia — Markets News, Aug. 31, 2026: Major Stock Indexes Post Gains for August Despite Falling Monday Amid Rising Oil Prices
- WSJ — Oil Prices Rise as Renewed U.S.-Iran Fighting Deepens Hormuz Supply Risks
- Crude Oil Prices Today | OilPrice.com — Oil Prices Climb as Trump Threatens New Strikes on Iran
- MarketWatch — Global oil prices extend move over $90 after report of two tankers struck in Hormuz
- CNBC — Brent jumps above $90 after flare-up in U.S.-Iran hostilities
- Investor's Business Daily — Dow Falls On News Of U.S.-Iran Attacks; Apple Slides
- www.nbcnews.com — Bond yields surge and stocks tumble as inflation fears raise the odds of an interest rate hike
- www.netnewsledger.com — September 1, 2026 NewsHawk Brief: Iran Fighting Resumes, Canada-U.S. Tariffs Bite and Northwestern Ontario Wildfires Remain Active
- canadianinquirer.net — Trump threatens stronger retaliation as US-Iran hostilities flare again
- oilprice.com — U.S. Oil Deal Pushes China and Russia Out of Venezuelan Fields