International News 08 September 2026
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Oil Nears Six-Week Highs as US-Iran Tanker Strikes Escalate Middle East Supply Risks
Global crude oil benchmarks hovered near six-week highs on Monday, September 7, 2026, as renewed military strikes between the United States and Iran targeted maritime shipping in the Strait of Hormuz and surrounding waterways, amplifying market fears over severe supply disruptions. According to Reuters, Brent crude futures eased slightly by 9 cents (0.1%) to $96.19 per barrel by 08:22 GMT (15:22 WIB), after touching an intraday peak of $97.93—its highest price level since July 24, 2026. Concurrently, U.S. West Texas Intermediate (WTI) dipped 45 cents to $91.03 per barrel while remaining firmly anchored near multi-week highs. The slight pullback followed substantial momentum across the prior week, where Brent surged approximately 8% and WTI gained nearly 10%. The market's risk premium expanded sharply after U.S. Central Command confirmed that American forces targeted three Iranian oil tankers on Saturday, September 5. One of the targeted vessels was struck off the coast of Kharg Island—a vital hub that handles the vast majority of Iran's crude exports—heightening immediate operational risks for commercial tanker transits through the Persian Gulf.
PBOC Accelerates Gold Accumulation with Largest Reserve Inflow Since Late 2023
The People's Bank of China (PBOC) expanded its bullion reserves for the sixth consecutive month in August 2026, marking its largest single-month gold addition since October 2023 and extending its broader purchasing streak to 22 straight months. Official data released on Monday showed that the central bank's gold holdings rose to 76.73 million troy ounces by the end of August, up from 76.08 million ounces in July. The net addition of 650,000 troy ounces (approximately 20.2 metric tons) represents a steady acceleration from earlier purchases—up from 160,000 ounces in March, 480,000 ounces in June, and 640,000 ounces in July. Driven by aggressive physical accumulation and sharp rallies in precious metal valuations, the total value of China's gold reserves surged to $350.08 billion at the end of August, compared to $306.35 billion in July. Bullion prices rallied 9.7% across August—the metal’s strongest monthly performance since January—underpinned by a weaker U.S. dollar, softening Treasury yields, and broad safe-haven demand amidst heightened geopolitical instability. However, spot gold retreated roughly 0.4% on Monday, September 7, as stronger-than-expected U.S. employment data reignited market expectations for further Federal Reserve interest rate hikes.
https://internasional.kontan.co.id/news/bank-sentral-china-makin-agresif-memborong-emas
UAE Accelerates Alternative Export and Trade Routes to Bypass Hormuz Vulnerabilities
The United Arab Emirates is expanding alternative energy export corridors and logistical infrastructure to insulate its economy from the ongoing conflict between the United States and Iran. The protracted confrontation has severely impacted Gulf energy producers, with Tehran targeting commercial oil tankers in the Strait of Hormuz and launching missile strikes across the region. Speaking at the Hili Forum in Abu Dhabi on Monday, September 7, 2026, UAE presidential adviser Anwar Gargash affirmed that the nation's energy exports, maritime commerce, and broader economic activity "will not be held hostage" by regional hostilities. To mitigate reliance on the vulnerable chokepoint, Abu Dhabi has ramped up infrastructure investments along its eastern coastline outside the Persian Gulf. These strategic initiatives include expanding deepwater port handling capacity, enhancing overland pipeline connections to bypass Hormuz, and developing integrated rail networks and overland transit corridors to safeguard vital crude flows and international supply chains.