US-Iran War News LIVE: Trump Vows To Hit Iran 'Hard' After First Exchange Of Fire In Weeks Conflict Escalates

(MENAFN- Live Mint) US-Iran war news LIVE: US President Donald Trump on Monday (local time) threatened to hit Iran \"hard\" after the two sides exchanged fire for the first time after weeks of calm, with Treasury Secretary Scott Bessent vowing to keep a pressure campaign aimed at hobbling Tehran's economy. The conflict, which is now in its sixth month, escalated once again on 30 August after the United States carried out strikes on an Iranian island in the Strait of Hormuz, with the Islamic Republic retaliating quickly by targeting US military targets in the Middle East. Speaking to a Fox News reporter, Trump said, \"We're going to hit them hard,\" and added, \"There will be a response.\"Oil prices gain as renewed US-Iran fighting revives Strait of Hormuz risksOil prices pushed higher on Monday after witnessing their biggest gain in three weeks in the previous session, as fresh hostilities between the US and Iran raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz. West Texas Intermediate traded above $86 after advancing 2.8 per cent in the previous session, while Brent settled near $90 on Monday. Crude eked out a marginal increase in August after a volatile month, with prices buffeted by stop-start efforts to end the war, including pledges by the US to cripple Iran's economy. The US President dismissed concerns that the conflict was draining American firepower, characterising it as a“little war.”As Middle East fighting flares up, gold holds declineGold prices steadied after a two-day drop as the US and Iran exchanged strikes for the first time in a month, raising the odds of rising energy costs pushing up inflation and pressuring the Federal Reserve to lift interest rates. Bullion was trading around $4,445 an ounce after falling more than 3.5 per cent over the previous two sessions. American forces hit an island in the Strait of Hormuz, and the Islamic Republic responded by launching attacks on the United Arab Emirates and Jordan hit by three 'unknown projectiles' in Hormuz: UKMTOThe United Kingdom Maritime Trade Operations (UKMTO), the British maritime agency, on Monday (local time) said that a tanker was struck by '3 unknown projectiles' in the Strait of Hormuz. The incident occurred after a fresh flare-up in the US-Iran war. In a post on X, the maritime agency said, \"A tanker has reported being struck by 3 unknown projectiles whilst completing an outbound transit of the Strait of Hormuz.\" It added that the incident occurred 17 nautical miles (31 kilometres) east of Khasab, Oman. No casualties or environmental impact had been reported.

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