Business & Markets
Oil prices jump as Trump warns Iran of response
Oil prices rose about 1.5% Tuesday and stocks mostly fell as investors watched the risk of renewed US-Iran fighting after President Donald Trump warned that Washington would hit Iran “hard”.
At around 0810 GMT, West Texas Intermediate was up 1.5% at $87.02 a barrel and Brent North Sea crude was up 1.4% at $91.74 a barrel. Both contracts had risen more than 2% the previous day.
The market moves followed an exchange of fire at the weekend after six months of war. The United States carried out strikes on Larak Island in the Strait of Hormuz on Sunday. US officials said the strikes hit rocket launchers to prevent Tehran from planting mines in the waterway. Iran targeted US forces in Jordan and the United Arab Emirates.
“We're going to hit them hard,” Trump said, according to a Fox News reporter who spoke to him briefly. “There will be a response.”
The conflict remains at an impasse, with Tehran keeping the Strait of Hormuz closed and Washington continuing a counter-blockade of Iranian ports.
National Australia Bank's Rodrigo Catril said the first actions appeared calibrated and suggested neither side was actively seeking a return to sustained conflict. But he said stalled talks and the importance of keeping the Strait open left the situation vulnerable to further escalation.
Stocks mostly fell. Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Mumbai, Bangkok and Wellington declined, while Seoul, Taipei, Manila and Jakarta rose. London slipped after reopening from a long weekend, Frankfurt was also down and Paris edged up.
Investors were awaiting jobs and consumer price data before the Federal Reserve's September 16 policy meeting. Expectations of elevated inflation and higher borrowing costs pushed the yield on 10-year US Treasuries to its highest level since January 2025. Ten-year Japanese government bond yields touched 3.0%, their highest level in 30 years.
The yen weakened against the dollar, even after US Treasury Secretary Scott Bessent told CNBC he expected Japan to act to support the currency. The dollar traded at 160.00 yen, compared with 159.77 yen on Monday.
Trump was due to meet oil refining executives on Tuesday as his administration sought to curb high US gas prices before November's midterm elections.
In company news, Shein fell 10% on its Hong Kong trading debut after raising $1.7 billion in an initial public offering, then pared losses to about 4%. MediaTek shares rose nearly 10% after Nvidia announced a $3.5 billion investment in the Taiwanese chipmaker.
Update
West Texas Intermediate was up 1.5% at $87.02 a barrel at around 0810 GMT.
Brent North Sea crude was up 1.4% at $91.74 a barrel at around 0810 GMT.
Tokyo, Hong Kong and Shanghai closed lower, and London was down 0.5% after reopening from a long weekend.
The dollar traded at 160.00 yen, compared with 159.77 yen on Monday.
Source note: AFP news report published on 1 September 2026 at 08:21:24 UTC.
Update
At around 0715 GMT, West Texas Intermediate was up 0.8% at $86.48 a barrel and Brent was up 0.7% at $91.16 a barrel.
London slipped after reopening from a long weekend, Frankfurt was down and Paris edged up.
Ten-year US Treasury yields rose to their highest level since January 2025, while 10-year Japanese government bond yields touched 3.0%, a 30-year high.
Shein pared its Hong Kong debut losses to about 4% after earlier falling 10%.
The dollar traded at 159.97 yen, compared with 159.77 yen on Monday.
Source note: AFP news report published on 1 September 2026 at 07:36:10 UTC.
Update
Oil prices extended gains Tuesday, with WTI up 0.9% at $86.54 and Brent up 0.6% at $91.06 around 0230 GMT.
Asian stock markets mostly fell, including Tokyo, Hong Kong, Seoul, Shanghai, Sydney, Singapore and Wellington.
National Australia Bank’s Rodrigo Catril said the situation remained vulnerable to further escalation despite calibrated initial actions.
Expectations for elevated inflation and higher borrowing costs pushed 10-year US Treasury yields to their highest level since January 2025.
Shein shares fell more than 9% on their Hong Kong trading debut after a $1.7 billion IPO.
MediaTek shares rose nearly 10% after Nvidia announced a $3.5 billion investment in the Taiwanese chipmaker.
Source note: AFP news report published on 1 September 2026 at 02:44:48 UTC.
Update
Brent crude was up 2.7% at $90.49 a barrel at around 2000 GMT.
West Texas Intermediate was up 2.8% at $85.76 a barrel at around 2000 GMT.
Wall Street closed lower, with the Dow down 0.7%, the S&P 500 down 0.3% and the Nasdaq Composite down 0.1%.
The dollar retreated against major rival currencies after initially gaining on Kevin Warsh's comments.
The 10-year US Treasury yield was at its highest level since January 2025.
Source note: AFP news report published on 31 August 2026 at 20:28:12 UTC.
Update
Brent crude was up 2.5% at $90.32 a barrel at around 1530 GMT, while WTI was up 2.2% at $85.25.
The Dow was down 0.6%, the S&P 500 down 0.5% and the Nasdaq Composite down 0.4% as New York trading continued.
Paris closed down 0.8% and Frankfurt closed down 1.2%, while London was closed for a holiday.
Federal Reserve chief Kevin Warsh's Jackson Hole comments increased expectations that US borrowing costs could rise.
Source note: AFP news report published on 31 August 2026 at 15:48:33 UTC.
Update
About 10 minutes into trading, the Dow Jones Industrial Average was down 0.5% at 53,288.76.
The S&P 500 was down 0.4% at 7,680.51 and the Nasdaq Composite was down 0.4% at 26,296.17.
G20 finance ministers were meeting in North Carolina, with US pressure to confront Iran expected to be high on the agenda.
Markets were looking ahead to Friday's jobs data before the Labor Day holiday.
CFRA Research's Sam Stovall said higher oil prices, a rise in the 10-year yield, September seasonality and possible profit-taking could be weighing on stocks.
Source note: AFP news report published on 31 August 2026 at 13:53:23 UTC.
Update
Brent North Sea crude was up 2.5% at $90.26 a barrel around 1330 GMT.
West Texas Intermediate was up 2.5% at $85.51 a barrel around 1330 GMT.
The Dow was down 0.5%, the S&P 500 down 0.3% and the Nasdaq Composite down 0.2% as New York trading got underway.
President Donald Trump said the United States would hit back against Iranian attacks on US targets in the Middle East, according to Fox News.
Paris edged higher, Frankfurt fell and London was closed for a holiday.
Source note: AFP news report published on 31 August 2026 at 13:51:34 UTC.
Update
West Texas Intermediate was up 2.0% at $85.05 a barrel around 0810 GMT.
Brent North Sea crude was up 2.1% at $89.98 a barrel around 0810 GMT.
Tokyo, Hong Kong, Sydney, Taipei, Jakarta and Mumbai closed lower, while Seoul, Shanghai, Singapore, Bangkok and Wellington rose.
Paris rose, Frankfurt dipped and London was closed for a holiday.
Source note: AFP news report published on 31 August 2026 at 08:19:50 UTC.
Update
Tokyo, Hong Kong, Sydney, Taipei, Jakarta and Mumbai ended lower, while Seoul, Shanghai, Singapore, Bangkok and Wellington rose.
Paris opened higher, Frankfurt dipped and London was closed for a holiday.
West Texas Intermediate was up 2.5% at $85.51 a barrel and Brent was up 2.8% at $90.53 around 0715 GMT.
The dollar was at 159.87 yen, the euro at $1.1585 and the pound at $1.3540 around 0715 GMT.
Source note: AFP news report published on 31 August 2026 at 07:27:39 UTC.
Update
Asian stocks fell on Monday, with Tokyo, Hong Kong, Shanghai, Seoul, Taipei and Jakarta down in early trading.
West Texas Intermediate rose 2.3% to $85.33 a barrel and Brent crude rose 2.6% to $90.39 around 0230 GMT.
Oil prices rose after the United States said it attacked Iranian rocket launchers on a small island in the Strait of Hormuz, its first strikes on Iran in a month.
Investors are watching US jobs data this week and consumer price data next week before the Federal Reserve's decision.
Source note: AFP news report published on 31 August 2026 at 02:52:03 UTC.
Update
Wall Street closed lower after initially staying positive following Kevin Warsh's speech.
The S&P 500 finished down 0.3 percent, the Nasdaq down 0.5 percent and the Dow down less than 0.1 percent.
Futures markets raised the odds of a September rate hike after the speech.
The dollar strengthened against the euro, pound and yen in the later figures.
Oil prices finished slightly lower, with Brent at $89.31 a barrel and West Texas Intermediate at $83.40.
Source note: AFP news report published on 28 August 2026 at 20:41:42 UTC.
Update
Federal Reserve Chair Kevin Warsh said high inflation was concerning and that the Fed had more work to do unless underlying inflation moved clearly toward its objective.
Short-term US Treasury yields and the dollar rose after the speech as investors anticipated a higher Fed rate.
Expectations rose for a Federal Reserve rate increase by December.
Later figures showed Wall Street higher, European stocks closed higher and oil prices lower.
Source note: AFP news report published on 28 August 2026 at 15:55:25 UTC.
Update
Wall Street indices edged higher at the open, with the Dow, S&P 500 and Nasdaq all up at around 1345 GMT.
European stocks were broadly higher, with Paris up 1.0 percent, Frankfurt up 0.5 percent and London up 0.2 percent at around 1345 GMT.
Oil prices were down about 1.0 percent after Iran's foreign minister suggested diplomatic efforts to end the war with the United States were still possible.
Source note: AFP news report published on 28 August 2026 at 13:51:02 UTC.
Update
European indices were higher around 1130 GMT, with Paris up 1.0 percent, Frankfurt up 0.6 percent and London up 0.2 percent.
Kathleen Brooks of XTB said attention could shift to Jackson Hole after the technology trade found firmer footing.
Dan Coatsworth of AJ Bell said markets wanted evidence of Warsh's plan for inflation and visibility on the likely interest-rate path.
Oil prices were stable as investors assessed Middle East tensions and possible diplomacy over the Iran war.
Source note: AFP news report published on 28 August 2026 at 11:46:52 UTC.
Update
Tokyo's Nikkei 225 closed up 0.4 percent at 66,405.56 around the later market update.
Hong Kong's Hang Seng Index closed up 0.1 percent at 25,584.79, while Shanghai's Composite closed down 0.1 percent at 3,952.18.
London's FTSE 100 was up 0.2 percent at 10,817.53 around 0810 GMT.
West Texas Intermediate was down 0.9 percent at $82.79 a barrel and Brent crude was down 0.8 percent at $88.95.
Source note: AFP news report published on 28 August 2026 at 08:12:04 UTC.
Update
London, Paris and Frankfurt rose in early trading.
Tokyo closed up 0.4 percent, while Shanghai closed down 0.1 percent.
Stephen Innes said Kevin Warsh's Jackson Hole speech would be the most consequential central bank speech left this year.
Wall Street's prior gains were described as coming entirely from the technology sector.
Source note: AFP news report published on 28 August 2026 at 07:33:14 UTC.
Uncertainty notes
Whether the latest exchange of fire will lead to sustained conflict remains unclear.
The market figures are a snapshot from around 0810 GMT Tuesday.
Source
AFP news report published on .