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5 min readU.S. Strikes Iranian Targets Near Strait of Hormuz as Oil Prices Jump
Oil prices rose above $90 a barrel Monday morning after fresh fighting between the U.S. and Iran. According to U.S. Central Command, American forces attacked a pair of Iranian rocket launchers on an island in the Strait of Hormuz, saying they had been preparing to fire rockets filled with sea mines into the waterway. The strike came shortly after the U.S. last week said it had finished clearing mines from the strait. Following the attack, U.S. forces also defended against missiles launched at Jordan, which hosts nearly 4,000 American troops.
Russia and China: Diverging Fortunes
The conflicts in the Middle East and Ukraine have created a widening gap between two of the world's great powers. Russian President Vladimir Putin is set to meet with Chinese leader Xi Jinping at a time when Moscow is increasingly dependent on Chinese imports and Beijing's purchases of Russian oil. Wall Street Journal Russia bureau chief Thomas Grove described Russia's position as "almost hostage in some ways, particularly when it comes to its domestic market." Over time, he said, the Russian economy is showing "a kind of stagnation, whereas China's role is just getting kind of stronger and stronger."
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What you'll learn
- 1 (01:17) **Oil Prices Surge After U.S. Strikes Iranian Targets Near Strait of Hormuz** - Brent crude futures climb above $90 a barrel following fresh fighting between the U.S. and Iran.
- 2 (02:01) **Russia-China Divergence: Putin Meets Xi as Moscow Grows Dependent** - The war in Ukraine and Middle East conflict have created an economic power imbalance between the two allies.
- 3 (03:34) **Bank of England Chief Warns G20 on AI as Systemic Financial Threat** - Andrew Bailey, head of the financial stability board, delivers a warning to finance officials meeting in Asheville, North Carolina.
- 4 (04:27) **Chinese Airlines Struggle with Fuel Costs and Rail Competition** - Air China, China Southern, and China Eastern report fuel costs rising 35-38% in the first half of 2026.
- 5 (05:08) **BYD Hits Milestone: Overseas Revenue Now Exceeds Half of Total** - Strong growth in Europe and Latin America helps the EV maker overcome soft domestic sales in China.
- 6 (06:41) **Icelanders Reject Restarting EU Membership Talks** - The vote comes amid U.S. tariffs disrupting global trade norms and President Trump's efforts to acquire Greenland.
- 7 (07:53) **Vietnam Emerges as Top Winner in Trump's New Trade Order** - New federal data shows Vietnam achieved a $114 billion trade surplus with the U.S. in the first half of the year, topping China, Mexico, and Taiwan.
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Show Notes
A.M. Edition for Aug. 31. The U.S. strikes Iranian targets near the Strait of Hormuz, sending oil prices higher on concerns of a flareup in fighting. Plus, as the leaders of Russia and China converge against the West on supporting Iran, WSJ’s Thomas Grove explains how their fortunes are diverging, with Beijing holding Russia’s economy hostage. And a look at how President Trump’s China tariffs have propelled Vietnam’s economy, as manufacturers shift production. Luke Vargas hosts.
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