CBS News reports that Iran’s president publicly labeled US military strikes against Iran as cowardly, prompting US President Trump to threaten annihilation in a sharp exchange that has escalated Middle East tensions further.
The US Department of Defense Inspector General has released a new report detailing significant US losses and logistical challenges in the Iran war. A Congressional Budget Office estimate shows the conflict is costing American taxpayers $2 to $3 billion per month and is already significantly driving up domestic inflation.
Driven by recent tit-for-tat military strikes between the United States and Iran across the Persian Gulf and inside Jordan, Brent crude oil futures briefly approached the psychologically important $100-per-barrel threshold on September 8, marking a new one-year high. Markets are increasingly worried that further escalation could choke off a vital global oil shipping lane, lifting energy stocks and safe-haven assets while reigniting global inflationary expectations.
US military sinks seven Iranian small boats while Iran launches new attacks on the UAE and ships in the Strait of Hormuz, sending global stocks lower and oil prices higher as ceasefire hopes fade.