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🇹🇼 Taiwan /Economy & Trade

Trump threatens Iran with force as renewed US-Iran fighting sends oil prices higher

From Liberty Times · () Chinese

Translated from Chinese and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources Ongoing story
  • Oil prices rose more than 2.5% after renewed US-Iran military action revived concerns about disruptions to global supplies.
  • Brent crude settled at $90.49 a barrel, while US West Texas Intermediate settled at $85.76.
  • Shipping data showed only five commercial vessels a day passing through the Strait of Hormuz over the weekend, while analysts said continued flows limited the price increase.

Oil prices climbed more than 2.5% on Aug. 31 as renewed military action between the United States and Iran revived fears that global supplies could be disrupted.

Brent crude futures rose $2.39, or 2.71%, to settle at $90.49 a barrel. West Texas Intermediate gained $2.36, or 2.83%, to $85.76. Brent reached $91.52 during the session, its highest level since Aug. 25.

We will hit them very hard.

— Donald TrumpTrump made the threat during an interview with Fox News.

The fighting has continued into its sixth month, and Iran responded to a US attack on Larak Island by firing missiles overnight at two US air bases in Jordan. In an interview with Fox News, US President Donald Trump said, “We will hit them very hard,” adding, “We will respond.”

Trump also said on social media that Iran’s Kharg Island energy hub was being “bombed to pieces.” The report said there was no evidence that the island had been attacked. The post included an AI-generated video without further details. Iran denied that Kharg Island had been attacked and said oil operations there were continuing. Vice President JD Vance said Trump’s post was intended to send a message to Iran.

We will respond.

— Donald TrumpTrump said the United States would answer Iran’s actions.

Shipping data showed that the number of commercial vessels observed passing through the Strait of Hormuz fell to five a day over the weekend. Analysts at Gelber & Associates said some Persian Gulf crude was still moving through the strait, limiting the price rise, but that the first direct military exchange in a month had brought a meaningful short-term supply premium back into trading.

US Strategic Petroleum Reserve crude stocks also fell by about 3.1 million barrels last week, to 286.6 million barrels.

Some Persian Gulf crude continues to move through the strait, limiting the rise in oil prices, but the first direct military exchange in a month has forced traders to price in a meaningful short-term supply premium again.

— Gelber & Associates analystsThe analysts explained why prices rose while continued shipments through Hormuz restrained the increase.
About this summary

Originally published by Liberty Times in Chinese. Translated, 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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