US stocks dip, oil prices surge on renewed hostilities - RTHK Apps A A A 繁 简 Eng Menu News Homepage Latest News Video Gallery News Programmes Photo Gallery News Bulletins News Archive Send To RTHK News Error News Archive Live Video News Search 2025 2026 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Latest News Local Greater China World News Finance Sport News Bulletins Photo Gallery Video Gallery Can search within past 12 months Home US stocks dip, oil prices surge on renewed hostilities 2026-09-01 HKT 06:00 Share this story The weekend's flare-up in the Middle East was good news for oil prices. File photo: Reuters Oil prices jumped more than two percent on Monday, with the Brent international benchmark rising above US$90 a barrel after a fresh flare-up in the US-Iran war. In equity trading, Wall Street and Europe's main markets dipped as investors continued to react to hawkish comments from US Federal Reserve chief Kevin Warsh. After a run lower for most of last week, oil prices spiked again on Monday, a day after the United States said it had attacked Iranian rocket launchers on a small island in the Strait of Hormuz, its first strikes on the country in a month. Tehran retaliated by launching missiles at US military targets in Jordan. US President Donald Trump said on Monday that the US would hit back against the Iranian strikes, according to Fox News. The exchange came shortly after the US-Iran war hit the six-month mark, and with hostilities subsiding until the weekend's flare-up. The news revived concerns about the conflict in the Gulf, with peace talks appearing to be going nowhere and the Hormuz strait – through which a fifth of global crude and gas normally passes – largely closed. "For oil traders, (the) move is another reminder of how quickly the geopolitical premium can return," said Quintex Intel's Stephen Innes. "Physical flows through Hormuz have improved materially from their worst levels,