Oil prices rose this week as conflict intensified in the six-month war, with Iran reportedly maintaining control of the Strait of Hormuz while the US presses a counter-blockade of Iranian ports. Iranian authorities claimed to have targeted US military assets in Kuwait and the UAE, though Kuwait confirmed intercepting a missile and drone attack on its air base, while the UAE reported no evidence of an attack on its own facilities.

These exchanges followed Iran’s attribution of a deadly wedding strike in Kuhestak to the US, a claim US Vice President JD Vance stated is currently under investigation but disputed by Washington.

Live updatesLive updates, Iran war live: US rules out Iran talks until ship attacks stop Iranian Minister of Petroleum Mohsen Paknejad says that the country’s oil industry continues to “circumvent” the blockade imposed by US forces, describing the situation as difficult but manageable.

Published On 4 Sep 2026 - US Vice President JD Vance says all options remain on the table against Iran and rules out talks unless Tehran halts commercial shipping attacks in the Strait of Hormuz. - Iran’s first vice president says the US has changed Tehran’s calculations, warning its response to US attacks will be “asymmetrical” and “multi-layered”.

U.S. officials state that Central Command is conducting an internal review following Iranian reports of five deaths and 67 injuries at a wedding venue during Tuesday's strikes, although it remains unconfirmed that the incident resulted from a U.S. attack.

While CENTCOM emphasizes that it does not target civilians and notes that initial reports originated from Iranian state media, Vice President JD Vance confirmed the military is investigating the claims to verify the circumstances.

The Trump administration is combining economic sanctions with renewed military strikes against Iran, a strategy that has failed to compel Tehran to negotiate despite escalating tensions. While President Trump stated he does not consider electoral impacts in his decision-making, the ongoing conflict continues to affect global energy prices and political polling ahead of the midterm elections.