US-Iran Conflict Reignites, Sending Oil Prices Soaring

The US-Iran conflict reignited on August 31st, causing the Dow Jones Industrial Average to plummet by $374.09 or 0.69% to finish at $53,185.90.

This marked the first US attack on Iran since July and sparked concerns that the tit-for-tat exchanges would continue.

West Texas Intermediate crude prices briefly topped $86 a barrel, up over 4% from the previous session's close, fueling fears of renewed inflation and higher interest rates.

The Federal Reserve Chair indicated in a speech at the Jackson Hole conference that he wouldn't rule out rate hikes, sending long-term yields to 4.76%, their highest level since January 2025.