Iran strikes US base in UAE, oil prices surge

On August 31, 2026, Iran's military announced it had struck the US Al Minhad Air Base in the United Arab Emirates with explosive drones, in what it described as retaliation. The UAE Air Force intercepted a UAV approaching from Iran, and Iran also claimed to have shot down a US drone. In response, the US carried out strikes on Iran, leading to a surge in oil prices, with Brent crude exceeding $89 per barrel. The attacks mark a significant escalation in tensions between the US and Iran in the Gulf region.