U.S. strikes on Iranian Islamic Revolutionary Guard Corps positions and two Iranian government-owned tankers, followed by Iran’s ballistic-missile and drone attacks on American bases across the Middle East, drove Brent above $95 and West Texas Intermediate near $91 before prices steadied. President Donald Trump said the renewed attacks might be short-lived while claiming the United States controls the Strait of Hormuz, but also warned that the United States would destroy Iran as a state if further attacks occurred. The energy shock revived inflation concerns, lifted Treasury and other government-bond yields and the dollar, pressured gold and broader risk assets, and raised the implied probability of a Federal Reserve rate increase at its September 15-16 meeting to about 67%-68%, from roughly 40% a week earlier. Domestic 99.99_1kg gold in South Korea fell 2.79% to 190,810 won per gram on the 2nd, more than 8% below 208,300 won on the 25th of the previous month. Crude prices were more than 30% above their late-February level, while diesel and other refined products had risen more sharply amid the Middle East conflict and the Russia-Ukraine war.