US forces have launched fresh strikes against Iranian targets, according to the US military and President Donald Trump, prompting a broad sell-off across global financial markets. The Dow Jones Industrial Average fell 401 points, while oil prices climbed sharply and stocks, precious metals and bitcoin all moved lower.
US Central Command (CENTCOM) announced the latest development on X on Tuesday, 1 September 2026. The strikes follow US attacks on Iranian targets on 30 August, after Iran was reportedly accused of placing mines in the Strait of Hormuz.
CENTCOM did not say how many targets had been hit. Initial reports suggested that Qeshm Island, Bandar Abbas, Chabahar and Konarak may have been among the locations targeted. All four are situated close to the Strait of Hormuz, the strategically important waterway where Iranian forces monitor shipping passing through the route.
Trump later provided further details in a post on Truth Social, describing the latest action as “large and powerful.”
The US president warned that Iran would face further military action if it responded to the strikes.
Trump said that if the “failed Nation of Iran retaliates,” it would be “hit again at a much harder and higher level.” He added that even such an operation would be smaller than another major assault that was “waiting in the wings.”
“There will be very little left of the Islamic Republic of Iran,” Trump emphasized.
Financial markets reacted negatively to the reports. Brent crude rose to $96.70 a barrel as investors assessed the potential impact of renewed military action near the Strait of Hormuz, a key route for global oil shipments.
US equities were broadly lower during Tuesday’s trading session. By 14:00 EDT, all four major US stock indexes were in negative territory, with the Dow recording the steepest decline among the figures provided.
Precious metals also fell despite traditionally being viewed as safe-haven assets during periods of geopolitical tension. Gold dropped by 2.35%, or $104, to $4,342 an ounce. Silver declined 2.86%, or $1.90, to $64.51 an ounce.
Bitcoin prices also weakened after the reports emerged. BTC was trading near the upper end of the $76,000 range, down 2.5% over the previous 24 hours. If the market decline continues, $75,000 could become the next area of support for bitcoin, with the possibility of prices falling further.
The latest US operation follows an attack on Iranian rocket launchers near the Strait of Hormuz on Sunday. US forces reportedly carried out that action after identifying preparations for another attempt to lay mines in the waterway.
