U.S. Central Command did not say precisely what it was trying to destroy in Iran, but it said the attacks were aimed at Iran’s Islamic Revolutionary Guards Corps.
Page A8From§Eachthe supper edition — 1 September 2026
Strait of Hormuz predicted worthless in 2 years, US bombs it, Iran responds, oil price climbs
I always keep a notebook for this kind of thing. Bessent says the Strait of Hormuz will be 'worthless' in two years, which sounds like a good deal for anyone tired of oil wars. But then the U.S. bombs it, Iran hits back, and the price of oil runs up like it's still the only road in town. I wrote this down—'worthless'—but the receipts keep showing the opposite. Maybe it's a case of selling early and buying late. The bombs drop, the markets spike, and the only thing that gets cheaper is the promise. Before you go, excuse me—if the Strait is about to be worthless, why does every missile still write a number on your gas receipt?
“They say the Strait won't matter soon, so they bomb it, Iran fires back, and oil jumps anyway. Somehow, the place they're blowing up is still the one your gas bill depends on. Funny how 'worthless' turns out to be the most expensive word in the room.”
“Our decisive action ensures freedom of navigation, even if the market temporarily overreacts. The prediction about the Strait is just speculation—no reason for concern. Of course, the price moves, but that's just how markets work. Did I say 'worthless'? That's not official policy.”
The receipts
Treasury Secretary Scott Bessent said Tuesday that the Strait of Hormuz will be “worthless” to the oil industry in two years. Speaking to Fox Business’s Larry Kudlow on the sidelines of the Group of 20 finance ministers' summit in North Carolina, Bessent argued the key waterway is “not a choke point”
Stocks fell Tuesday while rising oil prices pushed bond yields higher, a bumpy start to the month as investors fear renewed fighting in Iran could inflate prices and convince the Fed to hike interest rates.
President Trump said that the U.S. launched “large and powerful” strikes on Iranian targets near the Strait of Hormuz.
This page is a back-issue: the story as it ran, receipts as they were. The current edition is at the front.