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strikeSep 2, 2026

Oil prices rise as European gas climbs to highest level since 2023 after renewed attacks on Iran

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Oil prices surged on Tuesday, while European gas prices hit a three-year high, as renewed US strikes against Iran and Tehran’s threats of retaliation raised fresh concerns over the Strait of Hormuz. The price of West Texas Intermediate (WTI) crude for October delivery rose 5.20 per cent to $90.22 a barrel, breaking above $90 for the first time since late July. The price of North Sea Brent crude for November delivery also rose 4.60 per cent to $94.65 a barrel. The United States carried out strikes on Iran for a second consecutive day, while Tehran announced a “decisive” retaliatory operation, despite US President Donald Trump threatening to launch a “much stronger and more powerful” attack on Iran. READ: Iran transfers $7.5B in oil revenues to central bank despite US naval blockade: Report Carsten Fritsch, an analyst at Commerzbank, said: “Last week’s hopes of reopening the Strait of Hormuz to shipping have been dealt a severe blow.” He added that the question was whether unofficial maritime traffic through the strait could continue unhindered despite the renewed escalation. The US strikes came shortly after two oil tankers were hit by “projectiles of unknown origin” while leaving the Strait of Hormuz, according to Greek maritime risk management firm Marisks. Edward Rosenberg, an analyst and head of ETFs at Strategy Shares, said: “The longer the war with Iran goes on, oil prices will continue to stay elevated and volatile,” adding, “sanctions, stalled negotiations, and mixed signals on whether Iran wants the war to end are swinging prices day to day, not just holding them high.” READ: Iran says US strikes on Kharg Island did not stop oil production

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  • Mehdi EditorBy Mehdi Editor

    Oil prices surged on Tuesday, while European gas prices hit a three-year high, as renewed US strikes against Iran and Tehran’s threats of retaliation raised fresh concerns over the Strait of Hormuz. The price of West Texas Intermediate (WTI) crude for October delivery rose 5.20 p

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WORLD The warning followed a fresh wave of Iranian attacks against US positions across the Middle East, marking the heaviest exchange between the two nations in weeks. Iran's Supreme National Security Council Secretary Mohsen Rezaei warned on Wednesday that Tehran would adopt a "new strategy" in its ongoing conflict with the United States following the latest escalation between the two sides.

Writing on X, Rezaei stated, "You will soon see that Iran's new strategy on the battlefield, in diplomacy and in confronting the economic blockade will shatter your foundations." The warning followed a fresh wave of Iranian attacks against US positions across the Middle East, marking the heaviest exchange between the two nations in weeks.

According to Iran's Revolutionary Guards, forces targeted US bases located in Jordan, the United Arab Emirates, Kuwait, Bahrain, and Iraq's autonomous Kurdistan region. These strikes came in the wake of US military operations against Iranian targets that Tehran stated killed 18 people.

This renewed surge in hostilities has further complicated diplomatic initiatives to resolve the six-month-old conflict, with Iran maintaining pressure across the strategically vital Strait of Hormuz while the United States pursues a counter-blockade targeting Iranian ports.

In a separate development, Iran's Foreign Ministry accused the United States of committing a war crime following a deadly strike that hit a wedding ceremony in the southern Iranian city of Sirik. Foreign Ministry spokesman Esmaeil Baqaei posted on X, "The truth of this unlawful war of choice -- and the true face of the war crime -- is in Sirik, where a wedding ceremony was brutally bombed as part of America's desperate struggle to conceal its failure.

" Data from the Iranian Red Crescent indicated that four people, including a child, lost their lives, while more than 50 others sustained injuries in the incident. Footage broadcast via an Iranian government account displayed wreckage and destruction at the designated wedding location.

Iran's top negotiator, Mohammad Bagher Ghalibaf, also denounced the operation, labelling the United States as "Satan" (Devil) in a post on X where he stated, "If a power acts like Satan, picks targets like Satan, and kills like Satan, it's Satan." While the US military did not directly address the wedding venue strike, US Central Command spokesman Tim Hawkins remarked that "the US military never targets civilians, unlike the IRGC", referencing Iran's Revolutionary Guards.

The latest cycle of escalation erupted after Washington launched strikes on Iranian assets on Sunday, marking its initial known attacks in several weeks. Washington stated the actions were executed in retaliation for Iranian efforts to lay mines within the Strait of Hormuz alongside assaults directed at US personnel.

Subsequently, Iranian forces targeted US troops stationed in Jordan and the UAE, while separate projectiles struck two oil tankers amid unverified responsibility. Saudi Arabia's national shipping enterprise confirmed that two Filipino sailors died during one of the tanker incidents.

Iranian military units later announced additional strikes against US positions, featuring a coordinated missile and drone assault on US facilities in Erbil alongside a raid targeting a US Marine training camp situated in Jordan. Air raid sirens echoed across Bahrain and Kuwait, with Kuwaiti officials reporting that an Iranian drone triggered a blaze at a residential facility.

In response to the developments, US President Donald Trump cautioned Tehran against further counterattacks, asserting on Truth Social that Iran would confront retaliation at an even greater scale and declaring, "There will be very little left of the Islamic Republic of Iran!

" Despite the intensifying military actions, Iranian President Masoud Pezeshkian stated that Tehran would reciprocate any US initiative towards a diplomatic agreement intended to bring the conflict to a close.

Location: Tehran
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The 'Great Satan' Strikes, The 'Snake' Bites Back: Damage Assessed From Iran Flare-Up After Deadly US Attacks

Iran is assessing the aftermath in terms of casualties and damage in the wake of the new flare-up in fighting, after the US launched a series of deadly attacks on the Islamic Republic Tuesday, focused in the south and Hormuz Strait area, and Tehran in expected fashion retaliated with drone-and-missile strikes against Gulf nations and Jordan.

Iran says the total death toll from the new American assault has risen to 18, especially following a an alleged mass casualty strike at a wedding celebration. It reportedly happened in happened Hormozgan province Tuesday night, with authorities having announced five were killed, including a child, and with at least 50 more wounded. Aftermath of alleged American strike on a wedding in Sirik, Iran.

Regional media reports, "Six-year-old Amir Mohammad Karimi was among those killed, it said, adding that those wounded had been transferred to hospital in the nearby city of Minab."

"Earlier, Reza Shahidiyan, the governor of Sirik county, told the IRIB state broadcaster that 63 people had been injured, including 50 women and children," the report continues. "Other Iranian reporting has cited as many as 68 wounded."

Tehran officials, as well as Iran's Red Crescent Society, have made formal requests to global bodies, including the International Criminal Court, to take legal action for the civilian deaths and alleged war crimes.

BBC has cited the Pentagon as saying it is aware of reports about the strike but that US forces never targeted civilians.

🚨 🇮🇷 A U.S. attack on a wedding ceremony in Sirik, in southern Iran’s Hormozgan province, killed four people, including a child, the provincial Red Crescent’s managing director said, according to Tasnim. The province’s deputy governor for security earlier reported 50 wounded.… pic.twitter.com/eoHMkD2jJA — Drop Site (@DropSiteNews) September 1, 2026 As for known targets from the Iranian response, which saw an initial ballistic missile wave target US bases in Jordan, some of the following has emerged:

Camp Titin & Prince Hassan Base (Jordan): ballistic strikes. Erbil Bases (Iraq): Combined missile/drone. Ali Al Salem (Kuwait): HQs & drone ramps hit. US Naval Base (Bahrain): Casualties & destroyed aircraft reported. Videos which purport to show some of these strikes, particularly against NSA Bahrain (certainly not for the first time, as it's already suffered significant damage), have been widely circulating but remain unconfirmed.

WATCH: Footage reportedly showing Iran's Shahed-136 drone hitting the U.S. 5th Fleet HQ in Manama, Bahrain this morning. pic.twitter.com/SR5ELmeS8i — Clash Report (@clashreport) September 2, 2026 In the Strait of Hormuz, the Revolutionary Guard has announced that two foreign ⁠oil ⁠tankers hit sea mines and are on fire after attempting to transit the waterway earlier in the day Wednesday. The IRGC said it occurred while the vessels used an "illegal route" through the the strait, state TV reports. Simultaneously Al Jazeera issued the following:

Bahri, a shipping company in Saudi Arabia, says two Filipino crew members were killed on board the SIDR vessel in an “incident” while transiting Hormuz.

As for the broader US naval blockade on Iranian ports, Reuters outlines that "Iran has gone about seven weeks without shipping meaningful crude exports through the Strait of Hormuz, as a U.S. naval blockade succeeds where years of sanctions failed by cutting off one of Tehran's main sources of foreign-currency earnings."

The commentary adds: "Unlike ‌previous sanctions campaigns, when Iranian crude continued reaching buyers despite restrictions, the current blockade has stopped fresh crude cargoes reaching China, Tehran's only major remaining oil customer, increasing pressure on government finances and foreign-currency reserves."

The world is now witnessing the seventh month of a "3-4 week" war, and the White House is still pushing this 'the Iranian people will rise up' narrative. According to a late Tuesday Trump Truth Social Post:

I’m not trying to force Iran to the bargaining table, as ABC Fake News reported. I couldn’t care less if they sign a worthless, to them, agreement. I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing. They are just playing out the inevitable. When are the Iranian people going to rise up and fight? President DJT

In the opening days of Operation Epic Fury it must be recalled that Trump claimed "help is on the way!" - and yet now amid a stalemated situation US bases across the region have been degraded and destroyed.

Where is Secretary of State Marco Rubio these days?...

I think Bessent is talking about the Trump administration here… Things are getting rough behind the scenes clearly. 🇺🇸 https://t.co/Z5j40klgEG — Philip Pilkington (@philippilk) September 2, 2026 US Treasury Secretary Scott Bessent is meanwhile touting that the US is 'cutting off the head of the snake.'

"When I was a kid in South Carolina, we lived near a swamp, and as a result, we’d end up with a lot of poison snakes in our yard. And you would take either a rake or a machete, or a paddle from a boat, and you cut the head off," he said Tuesday.

"But the snake, the tail kept wiggling, and you had to bury the head of the snake because the head of the snake was still poisonous, and there was venom there. So we are burying the head of the Iranian snake," he continued. "The snake doesn't know it’s dead yet, but it will stop wiggling when the sun goes down." But as yet, there are no signs of a rapidly collapsing state system, and there are no masses rising up in the streets.

Iranian leadership is vowing not to back down, but to continue inflicting pain on Washington, on the military, economic, and political fronts.

Parliament speaker goes off...

Minab school: children massacred. Lamerd sports hall: kids slaughtered. Kouhestak wedding: children killed with families. If a power acts like Satan, picks targets like Satan, and kills like Satan, it’s Satan. Shields a junior Satan that does the same? It’s THE Great Satan. — محمدباقر قالیباف | MB Ghalibaf (@mb_ghalibaf) September 2, 2026 Iranian Parliament Speaker Ghalibaf on Wednesday has declared Iran does not reject negotiations but views them as a tool in its broader confrontation with the US and Israel, Tasnim reports. He is reiterating US must fulfill its commitments before Iran "takes steps" to reopen Hormuz - which suggests Tehran has not altogether abandoned the possibility of getting back to the negotiating table.

More Latest Developments

US President Trump posted "I’m not trying to force Iran to the bargaining table, as ABC Fake News reported. I couldn’t care less if they sign a worthless, to them, agreement. I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing. They are just playing out the inevitable." US Treasury Secretary Bessent said Iran doesn't control the Strait of Hormuz and the US took out Iranian radar along the strait, as well as got 17mln bbls of crude out on Monday. Bessent said that China pays Iran in yuan and when yuan cannot be converted to dollars, Iran starves, while he said they are in an acceleration phase of Iran bankruptcy and maybe Iran will lash out more kinetically. US Central Command said forces successfully completed a wave of strikes against Iranian military targets on September 1st in which they struck targets including air defence sites, radar systems, maritime assets and facilities, mine laying capabilities, and communications sites. US strikes on Iranian targets on Tuesday included two Iranian government tankers under a new 'tanker for tanker' approved by US President Trump to deter Iranian attacks on tankers, according to Axios. Furthermore, US officials said around 100 targets were attacked during the strikes, while it was separately reported that the US assessed Iran was planning to expand attacks against commercial ships. Pakistan's foreign ministry said Army Chief Munir visited Tehran and generated substantial momentum on the Strait of Hormuz issue and that Pakistan is positive about all parties returning to the negotiating table. Iran's IRGC said two tankers were blown up and stopped a few hours ago after striking mines in the Strait of Hormuz. IRGC also warns of additional penalties for shipping companies. IRGC said it targeted US bases in Erbil, Iraq with missiles and drones. Iran's army also launched drone attacks on the US base in Bahrain, while Kuwaiti air defences confronted attacks by hostile drones. Additionally, the IRGC said it attacked a US Marines base in Jordan known as Camp Tibtain with missiles and claimed that a large number of US forces were killed in the attack. However, US and Jordan officials reported no casualties. Russia has been secretly helping Iran develop advanced supersonic cruise missiles, according to FT.

Tyler Durden Wed, 09/02/2026 - 09:45

Location: Iran
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US equity futures declined on Tuesday following a rise in crude oil and bond yields driven by escalating military activities in the Middle East. Despite a 0.7% drop in Europe’s Stoxx 600 and a two-week low in Asian markets, Nasdaq futures rose 0.4% on stronger-than-expected annual sales forecasts from Dell.

Investors are currently monitoring WTI crude near $90 per barrel and upcoming US labor data for further signals on macroeconomic stability.

Location: Tehran