Thursday 3 September 2026 07:30 UTC
Trump Weighs Iran War End as Hormuz Traffic Rebounds
In the 24 hours ending 3 September at 07:30 UTC, Donald Trump, the US president, privately discussed declaring the Iran war over. Hours earlier, he warned that America could strike Iran again soon.
Trump claimed US strikes had damaged Iran’s ability to identify ships in the Strait of Hormuz. He also suggested claiming the strait as US territory, but gave no practical plan.
Benjamin Netanyahu, Israel’s prime minister, said Israel would defeat and remove Iran’s government. Iran’s currency then fell to a record low beyond 2.2 million rials per US dollar.
continue reading below
A US strike on an Iranian wedding killed four people, including a child. Another 53 people suffered injuries. A separate strike on Lavan Island killed three members of Iran’s Basij force.
Officials confirmed two deaths from the 31 August tanker attack in the Strait of Hormuz. At least 17 sailors have died since operations against Iran began in February.
More than 17 million barrels of oil passed through the strait on Monday. This suggests traffic recovered sharply after earlier falls.
Scott Bessent, the US treasury secretary, warned countries against supporting Iran or Russia. He said future action could target airlines, shipping companies and digital assets.
Markets placed a 70% chance on a US interest rate increase in September. The chance stood at 37% one week earlier. High oil prices and inflation fears drove the change.
US diesel prices reached $5.688 a gallon, near April’s peak. Higher fuel costs increased concerns about inflation and transport costs.
The Bank of Canada kept its main interest rate at 2.25%. US factory orders rose 0.9% in July, beating expectations.
Russian forces systematically attacked trucks carrying Ukraine’s grain harvest toward Odesa. Ukraine’s grain exports had already fallen during heavier Russian attacks.
Norway and Ukraine seized a Russian state research vessel in Svalbard. They acted to enforce a $4.22 billion judgment over assets Russia seized in Crimea.
Ursula von der Leyen, the European Union’s chief, called the Leipzig attack a new escalation. She promised stronger sanctions against Russia and continued support for Ukraine.
Chevron agreed to invest more than $7 billion in two Venezuelan oil fields over five years. Venezuelan production could pass 1.5 million barrels daily during early 2027.
The Trump administration is considering new semiconductor tariffs. Companies building chips inside America could receive tariff relief.
Uber plans to cut 3,300 jobs as part of a management overhaul.
Two Minneapolis police officers and at least four other people were shot during an active-shooter incident. Both officers were expected to survive.