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] 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. ^[4] Donald Trump, the President of the United States, posted on social media suggesting that the Strait of Hormuz should be renamed the 'Trump Strait'. ^[5] Iran has fired on ships passing through the Strait of Hormuz, severely restricting the ability of U.S. allies to export oil and gas, and the conflict between the U.S. and Iran has now continued for six months with no end in sight. ^[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] Trump claimed that Iran had been working to restore its radar and missile systems, which were also targeted in the U.S. strikes. ^[9] Trump said the US took out all new equipment Iran tried to build along the Strait of Hormuz, calling the attack 'very heavy' and saying the US is prepared to do another one anytime. ^[10] Donald Trump claimed that Iran is approaching economic collapse and that this outcome is only a matter of time. ^[11] Trump asserted that the United States controls the Strait of Hormuz and that a large volume of oil ships pass through it daily. ^[12]