Middle East live: Oil prices extend gains as US-Iran tensions flare again
Summary
Oil prices rose on September 1, 2026, after new military actions between the United States and Iran increased fears of conflict escalation. President Donald Trump promised a strong response to Iran following attacks on US forces in the Middle East, while ship traffic through the Strait of Hormuz remained low amid these tensions.Key Facts
- The US struck Iranian rocket launchers on Larak Island; Iran responded by targeting US forces in Jordan and the UAE.
- President Donald Trump said the US would respond forcefully to Iran's actions.
- The Strait of Hormuz, a vital shipping route, saw fewer vessels than usual, with no oil tankers passing on Monday.
- These events follow six months of conflict, including Iran blocking the Strait and the US blocking Iranian ports.
- Rising oil prices are increasing inflation worries and may lead to higher interest rates.
- Global stock markets are affected by the tensions and oil price changes.
- President Trump planned to meet US oil refining executives about rising gasoline prices before the midterm elections.
- The situation contributes to regional instability involving countries like Jordan, Lebanon, Oman, and the UAE.
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