US equity markets closed lower on August 31 after President Donald Trump vowed to hit Iran « hard » in response to Iranian missile fire targeting American military bases in Jordan. Brent crude climbed to near $91 per barrel while West Texas Intermediate surged over 3% to approximately $86.25. Energy stocks like Exxon Mobil and Chevron gained roughly 3%, providing a partial offset to the broader market selloff. The escalation began on August 30 when US forces struck Iranian rocket launchers on Larak Island near the Strait of Hormuz, with Iran responding with ballistic missiles that were intercepted before reaching their targets. This marks the latest episode in a repeating cycle of aggression and temporary ceasefires between the two countries since the beginning of the year.
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