Oil prices rose by about 2% on Tuesday as a resumption in fighting between the United States and Iran in the Middle East renewed fears of supply disruptions from the oil-producing region. ^[1] U.S. President Donald Trump threatened further strikes against Iran after the first exchange of direct attacks between the countries since late July, raising tensions in a conflict that had recently shifted into an economic standoff. ^[2] Iranian President Masoud Pezeshkian stated on 2026-09-01 in Bishkek that if the U.S. returns to its commitments under the Memorandum of Understanding signed in June, the Islamic Republic of Iran will immediately reciprocate. ^[3][4] The crude contracts had erased most of the losses incurred over the past week on the back of the re-escalation in Middle East conflict. ^[5] Two supertankers carrying Saudi oil were struck by unknown projectiles within minutes of each other while transiting outbound through the Strait of Hormuz late on 2026-08-31, according to data from shipping intelligence and tracking firms Marisks and Kpler. ^[6] U.S. President Donald Trump told Fox News on 2026-08-31 that he would hit Iran hard and there would be a response, though he later told reporters the renewed strikes did not signal a return to full-scale war. ^[7]