The top international business stories from overnight and this morning focus on escalating Middle East tensions, rising oil prices, strategic moves by major corporations, and fresh travel chaos in the UK.
Here’s a closer look at the biggest headlines, starting with new US military action near Iran's primary oil export terminal.
US Intensifies Economic Pressure with Strikes Near Iran's Oil Export Hub
As part of a wider campaign to heighten economic strain on Tehran, the Trump administration authorized US military strikes on Tuesday against targets near Iran's primary oil export hub, Kharg Island, and the port city of Jask. A senior US official said the strikes were directed at Iranian oil tankers, a key component of the strategy to compel the Iranian government to capitulate. Following these developments, Brent crude settled near $98 a barrel, with prices continuing to climb amid reports of explosions on Kharg Island, which serves as the loading point for approximately 90% of Iran's seaborne crude exports.
Oil Prices Surge as WTI Hits Three-Month High Following Attack
Oil benchmarks climbed to their highest levels since late July as a fresh wave of attacks targeted vital energy infrastructure in the Middle East. News of explosions at Iran's critical Kharg Island export facility reignited fears of tighter global supply. Brent crude rose about 1% to settle at $97.92 a barrel, briefly approaching the $100 mark during trading. Concurrently, WTI futures advanced 1.7% from Friday's close, settling at $93.03, marking its highest level since the start of June.
Wall Street Anticipates Larger US Treasury Buybacks
After the US Treasury announced plans in August to at least double the scale of its long-dated debt buyback program, rate strategists on Wall Street now expect individual operations to expand to as much as $10 billion. Analysts at Morgan Stanley suggest that under current cash balance management policies—and assuming no additional funds are raised through short-term bill issuance—the Treasury could increase each of the remaining seven long-dated buyback operations this quarter to a maximum of $10 billion per operation.
SoftBank to Gauge Investor Appetite in New York
SoftBank Group is set to hold meetings with investors in New York next week to test market sentiment for a potential large-scale dollar-denominated high-yield bond issuance. The investment firm, led by billionaire Masayoshi Son, continues its aggressive borrowing strategy to fund substantial artificial intelligence ventures. According to a source familiar with the matter, SoftBank's Chief Financial Officer, Yoshimitsu Goto, along with other executives, is scheduled to meet with investors at Citigroup's offices from September 14 to 17.
New Apple CEO to Unveil Foldable iPhone at Wednesday Event
Apple is poised to enter a new era on Wednesday when its new Chief Executive, John Ternus, takes the stage for the first time to host the company's annual iPhone launch event. Having assumed the role from ex-CEO Tim Cook on September 1, Ternus is widely anticipated to debut Apple's first foldable iPhone alongside the iPhone 18 Pro series and updates to the Apple Watch lineup. The foldable device is expected to feature a design comparable to leading competitors like Samsung, but with a premium price tag that could exceed $2,000. For context, Samsung's Galaxy Z Fold 8, which features a passport-style book design, starts at $1,899, while the higher-spec Z Fold 8 Ultra begins at $2,099.
UK Airspace System Glitch Causes Widespread Flight Disruptions
The UK experienced severe air travel disruption for several hours on Tuesday due to a failure in its air traffic control systems. London's Heathrow Airport, the nation's busiest hub, stated that the technical fault with National Air Traffic Services (NATS) affected outbound flights only. Other London airports, including Gatwick, Luton, and Stansted, as well as hubs in Birmingham, Manchester, and Edinburgh, also reported delays and cancellations. Data from FlightAware indicates that, so far, more than 80 flights have been cancelled and around 200 delayed at Heathrow alone.
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