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] Federal Reserve Chair Kevin Warsh stated at the Jackson Hole meeting that the Fed will take action if there is insufficient confidence that inflation is moving toward the 2% target. ^[4] Spot gold prices fell 0.3% to $4,437.10 per ounce as of 02:35 GMT on the second trading day of the week. ^[5] 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. ^[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] Trump claimed that Iran had been working to restore its radar and missile systems, which were also targeted in the U.S. strikes. ^[8] Trump said that the U.S. took out all of the new equipment that Iran tried to build along the Strait of Hormuz, describing some as defensive and some as offensive. ^[9] Following Warsh's comments, gold prices fell more than 3% on Friday. ^[10] Investors are focusing on upcoming US employment data, specifically JOLTS open job postings, ADP private sector employment, and non-farm payrolls. ^[11] 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. ^[12]