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China Says Solar Power Capacity Surpasses Coal for First Time
🇸🇦 Saudi Arabia /Conflict & Security

China Says Solar Power Capacity Surpasses Coal for First Time

From Asharq Al-Awsat · () English

Summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources Ongoing story
  • Oil prices rose as renewed US-Iran military exchanges heightened fears of an escalation and disruption around the Strait of Hormuz.
  • The conflict has added to inflation concerns, pressuring central banks and weighing on global equities and bond yields.
  • Investors were awaiting US jobs and inflation data that could influence the Federal Reserve's next interest-rate decision.

Oil prices extended their gains as renewed US-Iran military exchanges revived fears that the conflict could escalate and further disrupt energy markets. The latest strikes followed six months of war and came after weeks of relative calm.

We're going to hit them hard.

— Donald TrumpThe US president warned that Washington would respond after strikes between the United States and Iran.

The United States said it struck rocket launchers on Iran's Larak Island to prevent Tehran from planting mines in the Strait of Hormuz. Iran retaliated by attacking US military targets in Jordan and the United Arab Emirates, although the UAE denied reports of an attack. Tehran has kept the strategic waterway closed, while Washington continues a counter-blockade of Iranian ports.

US President Donald Trump warned that Washington would respond. “We're going to hit them hard,” he said, according to a Fox News reporter. “There will be a response.” US Treasury Secretary Scott Bessent said the administration would continue its pressure campaign and that a turning point could come “within weeks or months.”

There will be a response.

— Donald TrumpTrump said the United States would retaliate following Iran's attacks on US military targets.

The prospect of prolonged disruption pushed both main crude contracts higher after a rise of more than 2% the previous day. Rodrigo Catril of National Australia Bank said the initial actions appeared calibrated, but stalled talks and the importance of the strait left the situation vulnerable to further escalation.

We are going to continue exerting pressure, and we've had very good discussions here already.

— Scott BessentThe US Treasury secretary described the administration's continuing pressure campaign against Iran.

The conflict also unsettled markets. Most Asian stock indexes fell, while the yield on 10-year US Treasuries reached its highest level since January 2025. Japan's 10-year government bond yield had touched a 30-year high on Monday. Investors were also watching US jobs and consumer-price data before the Federal Reserve's September 16 policy meeting, with expectations of a rate increase rising after a hawkish speech by Fed Chair Kevin Warsh. Trump was due to meet oil refining executives as his administration sought to contain high US gasoline prices before November's midterm elections.

The calibrated nature of the initial actions suggests neither side is actively seeking a return to sustained conflict, but stalled talks and the strategic importance of keeping the Strait open leave the situation vulnerable to further escalation.

— Rodrigo CatrilThe National Australia Bank analyst assessed the risks to the conflict and energy markets.
About this summary

Originally published by Asharq Al-Awsat. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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