Oil prices surged following news about the Strait of Hormuz and the potential escalation of the US-Iran conflict. ^[1] On 2026-09-02, President Donald Trump said the renewed U.S. military campaign against Iran would not continue for "too long". ^[2] Trump claimed that Iran was building a rocket that drops mines and that the U.S. destroyed it. ^[3] The Indonesian rupiah closed at Rp17,744 per US dollar on September 1, 2026, marking a decline of 22 points or 0.12% from the previous day's closing level of Rp17,722. ^[4] US President Donald Trump stated on September 2 that Iran has practically no ability to prevent oil tankers from passing through the Strait of Hormuz. ^[5] Donald Trump, the President of the United States, posted on social media suggesting that the Strait of Hormuz should be renamed the 'Trump Strait'. ^[6] European gas prices reached their highest level since 2023 after the same news about the Strait of Hormuz and the US-Iran conflict. ^[7] Reuters reported that the overnight U.S. attack on 2026-09-02 was the biggest exchange of fire between Iran and Washington since July 2026. ^[8] Reports indicate that US forces struck two Iranian missile launchers on Larak Island on August 30, 2026, marking the first direct military engagement against Iran since late July. ^[9] Rully Nova explained that the spike in oil prices is a direct result of escalating military tensions between the United States and Iran in the Middle East. ^[10] Rully Nova, an analyst at Bank Woori Saudara, stated that the rupiah's weakness was primarily caused by a global surge in crude oil prices reaching US$91 per barrel. ^[11] Donald Trump claimed that Iran is approaching economic collapse and that this outcome is only a matter of time. ^[12]